On Monte dei Paschi I have now run out of words. Already since the period in which dominated the square of Siena that phenomenon of Mussari, which is also president of ABI (just to understand the “weight of politics and parlor” in the banking world) I always said what I thought about the group of Siena, and explains all those crazy “filth” in derivatives that led to drift.
A real sieve fact.
To this day I remember the frenzy that was felt on the market back in 1999 , when the world’s oldest bank, the MPS precisely, you quoto Piazza Affari.
Yet no one could but just know that quote was the beginning of the end.
In fact, he departed with the glorious countryside of acquisitions that were simply catastrophic. First Banca Agricola Mantovana , then Bank 121 (Ex Bank of Salento). And now with this institute began serious problems.
But do you remember those operations in financial products that were made, using funding from the bank? But
then … here is the masterpiece. 2007 , MPS announced, after a long negotiation, buying Antonveneta to 9 repeat 9 billion Euro.
Here, since the parable descend was rapid and inexorable. The collapse in market capitalization losses ever larger, the liquidity crisis, the stress tests, the constant demands of recapitalization.
Today MPS capitalizes 2 billion Euro. It asks the market as many as 3 billion euros, following a loss 5.34 billion in 2014. With the help of her friend Camilla Conti have made two accounts, and here’s the result. Since 2011, they were asked to market 10 billion Euro. For shareholders an absolute catastrophe. For the banking a setback scary. The oldest bank in the world that you crumble under the wind of politics and mismanagement.
That’s what MPS is the perfect picture of Italy . Who pays the poor shareholders. Meanwhile, however, there are those who ate, someone has had and continues to have acquired rights hallucinating, and management fallacious (see the scene of the derivatives) has destroyed all the destructible.
Both the bank goes on, it is always went well, we eat and who cares.
Not so for Italy?
Now then yet another capital increase, as announced by Alexander Perfume , one that since he arrived in MPS does is ask for money to shareholders. Not too much because of him.
ROME, Feb. 11 (Reuters) – Banca Monte dei Paschi BMPS.MI & gt; announced that will increase up to a maximum of 3 billion from 2.5 mentioned above after making adjustments to loans in 2014 to 7.82 billion which resulted in 5.34 billion net loss in 2014. In
in 2013 the bank had closed with a loss of 1.43 billion.
With the increase from 3 billion the bank aims to exceed the target received by the ECB of 10.2% of transitional CET1 in 2015, reaching 11, 4% transitional, after repaying the remaining state aid and the coupon paid to the Treasury.
Obviously until the next episode … just like Italy . Only that there is a difference. At one point, MPS will succumb and maybe end up in the cauldron of some other banking group. And Italy? Who will make a takeover bid on Italy?
STAY TUNED!
Danilo DT
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