Mps, after the “nationalization” of the Ecb raises the increase to 8.8 billion – The Republic

MILAN For the Mps a capital increase of 5.5 billion will not be enough. Christmas horse, the european central Bank, led by Italian Mario Draghi, has decided that it will need at least 8,8 billion. With an increase of 76 percent compared to the initial request, which was communicated to the government and the bank of siena only last November 23. Figures that threaten to put already under pressure in the bottom 20 billion launched by the government to secure the banking system, beginning from the Mps. So much so, that the Treasury should intervene and let people know that the decree “has been drawn widely enough to meet all the needs of intervention that may emerge from the situations currently under observation on the part of the institutions”

Clarifications are necessary after the umpteenth shot of the scene in saving that which is always the third bank of the country. A new chapter arrived to surprise with a letter sent to the ministry of Treasure. A further request of the liquidity that is explained by the events that occurred in the last few weeks. First, the failure of the plan to ask the market 5 billion (the project they worked in vain for the american merchant bank JpMorgan and Mediobanca); and the decision of the government to enact the injunction to put 20 billion available to the institutions of the loans in difficulty. Part of which to address immediately on the road to Siena.

But it was the intervention of the State, which proceeds rapidly towards the nationalisation of Mps, to cause the new intervention of the Ecb: Frankfurt has made it clear that she doesn’t trust and has resulted in the demand for capital increase to 8.8 billion of which is borne by the State would be at least 4.5 billion, while the other 4.3 to the load of the bondholders, with about $ 2 billion refundable, however, always from the government to the small savers and holders of the bonds.

But how did the Ecb to formulate the figure of 8.8 billion as a capital increase necessary for the Mps? By applying the same rules used for the Greek banks in 2015, when Frankfurt subjected to stress test the four institutions that the government in Athens had decided to nationalize. In essence, the Ecb took used the same parameters as used for the stress tests of 2014 (which you did submit all of the main european banks) but with an increase of “regulatory capital” by assuming what would have happened with “an adverse scenario” from 5.5 to 8 percent. But the measure taken for the Greek banks was part of the wider negotiations with the Troika on the public debt. while Italy is not in the same situation

in Addition, there is to understand when and how the Ecb has decided to intervene, seeing that with Christmas out of the way, the letter addressed to the congregation of the rectum by the minister of the Economy Pier Carlo Padoan could not be written by the Ecb precisely during the hours in which the government, last Thursday, launched the decree “salvabanche”. For its part, the Mps has made it clear in a comuunicato to have “started in the interlocution with the competent authorities in order to understand the methodologies underlying the calculations carried out by the Ecb, and to give effect to the recapitalisation measures of precaution”. And sources try to reassure, by knowing The perimeter of the bottom to the crisis
bank established by the decree save-savings has been drawn widely enough to meet all the needs of intervention that may emerge from the situations currently under observation by the institutions. Lo indicate the sources of the Mef in regard to the fund’s 20 billion that will be leveraged for the recapitalization measures, such as that required by the Mps, or to the State guarantee on new issues to cope with shortages of liquidity.

Topics:

Mps

stress test

ecb

Starring:

mario draghi

pier carlo padoan