Montepaschi try the all out, week boiling – Messaggero Veneto

MILAN. A countdown timer that leaves you with bated breath, not only the vertices of the Monte dei Paschi, but for thousands of workers, the community and more involved in the story, and the entire system of the credito italiano. The private street for the rescue of the bank is entrusted to a double uncertainty: the membership of small Italian investors on the one hand and the decision of the great international investors on the other. Savers, local are represented by an audience of 40 thousand people that find themselves in bonds issued by Monte Paschi for more than 2 billion euro, placed in 2008 to finance the purchase of Antonveneta.

this Is, in many cases, employees of the same institute and of the historical customers of the bank that you are trustworthy, offerings received at the door.

on Thursday night, with a decision very controversial, and today in the viewfinder of some consumer associations, the Consob has authorised the conversion into shares of the Mps up to the 14th of Wednesday, December 21. By the operation of the world’s oldest bank aims to obtain something like 1.5 billion euros, to which must be added to the billion brought home with the first stage of the conversion completed on 2 December. A total that breaks down to almost half the demand necessary to secure the institute (5 billion euros by the end of the year) and that you will find on the market, as envisaged by the plan communicated to the market on 25 October, despite the substantial changes in the course of time.

The capital increase, the lightning will start tomorrow and conclude on Friday: it is intended for the 65% to institutional investors and 35% to retail, of which at least 30% in the pre-emptive rights to existing shareholders. Critical to the success of this phase of the operation will be the decision of the Qatar Investment Authority, which has promised to subscribe for between 500 million and one billion euros. If the conversion into shares does not bring the hoped-for fruit, or in the case of Qatar was less, it is clear that the attempt to recapitalize the Monte dei Paschi only with the private naufragherebbe, opening the doors to the so-called Plan B, read the intervention of the State, with a decree, which would be launched by the council of Ministers between Thursday or Friday. European rules no longer allow for a save, a credit institution only with public funds but there is a way to work around the obstacle, the article 32 of the Eu directive on banks, which allows an incr ease of the public capital measure for banks, as in the case of Mps, have not passed the stress tests but they are solvents.

But the parachute public provides for the forced conversion of all bonds into new shares, zeroing, in fact, the capital invested. For small savers riaprirebbe the calvary already lived on the occasion of the rescue of Banca Etruria, Carife, Carichieti, and Banca Marche. The interbank deposit guarantee fund at the end of November, about a year from the rescue, had proceeded to the refund of about six thousand questions for 15 million euro compared to 130 investors involved. The Treasury therefore aims to avoid a precipitation of the events that may have negative repercussions for other banks that are likely to be calls to new recapitalization as Popolare di Vicenza and Veneto Banca. At the Mef are examining all options, including that of the plan for Plaice has never been examined by the top management of Mps after the decision of entrusting the operation to increase share capital to Jp Morgan.

The idea of having to resort to an intervention in extremis do not like, although yesterday the director general of the bailout fund Esm, Klaus Regling, has used the words optimistic for the situation of our country: “I often Read that in Italy there would be a

the banking crisis, but it is exaggerated. We know from the stress test of the Ecb that there is a large bank that needs capital, and perhaps other small. We do not see a systemic crisis involving the entire Country, as happened to some other nations 4-5 years ago”.

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