The stock market believes the plan for saving MPS yesterday among the few to rise (+ 6.07%) in yet another black day Business Square. Difficult to devise a plan because it will take place under market conditions – asks Europe, the hopes Premier Renzi – and with the parachute of the state, but which gradually seem to take shape in its two aspects: the sale of 10 billion Npl by ECB request and the need for capital coverage (about 3 billion), which should be required.
The bank loans are not the sub-prime
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In these frantic hours the bank is addressing in particular the chapter sufferings. The issue will be on the table of the board convened for today at 14.30 in Siena: an ordinary session, but where was added the extraordinary plan to dispose of Npl after the letter arrived two weeks ago from Frankfurt am asking you to dispose of 9 , 6 billion of net impaired loans in three years, double what made plan.
To answer the Supervisory there until tomorrow, then the draft of the letter will be analyzed today by the board: no leaks from the bank, but it is likely to be asked to restructure at least part of the demands, but at the same time they will provide the first indications of how the bank intends to move, in a mix of actions which should include the sale of the platform for the management of non-performing loans (current race with advisor Mediobanca, offers expected in mid-August) with attached portfolio of Npl, other sales and securitization with interventions of the fund Atlas on junior tranche. In fact, the deadline set by the ECB for the new detailed plan is October 3, but if you Mps will continue with the details might have a better chance of getting the go-ahead Preliminary July 29, the same day it was waiting for the report card – not good – on the occasion of the EBA stress test.
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An important role, he said, will be played by Atlante. Atlas O 2, or Jason as someone yesterday speculated: the fund set up in April and managed by Quaestio Sgr is the main suspect for the disposal of a large part of the Sienese Npl, but this will go recapitalized 4-5 billion fresh resources. A front, this, on which the government is spending a lot and that should see the front row again, Cassa Depositi e Prestiti: Via Goito, it is learned, could participate as in the first round, that is, with a share close to 10% of ‘amount to be collected by the other actors, the SGA to insurance up to other institutions. This would be discussed at a summit yesterday at Palazzo Chigi with Padoan Minister and the heads of the case.
This is on the rescue scheme, the EU remains the node on subordinated bonds
But the government has also pledged another front, that of negotiations with the European Commission for authorization to ‘public intervention in increasing the bank, intended to provide the capital necessary to cover the supply and increase the covers. The watchword, as we said, is the market operation: difficult since there is half the state, but the compromise might be in a market increase with the state in the role of guarantor, that is intended to act on ‘ unsubscribed shares. Between Rome and Brussels is talked about technical forms eligible for the warranty, and you point to a solution in the next few days.
Yesterday the title Mps also benefited from the ban on short selling imposed by Consob. Also felt the Supervision of EU markets (Esma), the Authority decided yesterday to extend the measure until next October 5: the ban is not just about short sales but its net short positions, or bearish operations performed through tools financial derivatives that have as underlying shares of the bank.
The non-performing loans. In millions at March 31, 2016 (Source: MPS)
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