The Monte dei Paschi di siena does not take away the 5 billion that it intended to ask the market. The maneuver is funded largely by the State and the rest by the holders of the bonds will amount to 8.8 billion. This is the request put in black and white from the european central Bank, in a letter arrived yesterday afternoon – via Mef – Rocca Salimbeni, after Siena had communicated to the regulator want to take advantage of the recapitalisation measure as soon as regulated by the decree-save-savings.
Mps, rising to 8.8 billion request the Ecb to increase capital
The letter, early yesterday afternoon by the ilsole24ore.com, change more than expected, the scenario that was hypothesized in the past few days, in and out of the bank, and that the amount of the increase could be revised it was somehow in the air, but the thought of a fork of between 6 and 8 billion. Yesterday afternoon at 18 and was immediately a meeting of the board of directors of the Mountain, with many of the board members obviously linked to the phone, to take note of the request and prepare the next steps.
According to The Sun 24 Hours, the decision to raise the bar up to 8.8 billion was taken last Thursday, during the last meeting of the Supervisory board of the Ecb: a choice is not easy, so much so that it would not have been taken unanimously by the body headed by Danièle Nouy where they sit, among others, the Italian Ignazio Angeloni and Fabio Panetta. In essence, it learns, for the Mount at the end would have gone a-line ultra-conservative: in view of the size of the bank and the high amount of non-performing loans, would be decided on a treatment similar to that adopted in the past years for the Greek banks ricapitalizzate with public resources.
Mps, the “load” of the more than 100 bond suspended
the Point of departure, the results of the stress test conducted in the first half of the year and made known on the 29th of July last. On that occasion, the Monte dei Paschi was ranked last among the 51 institutions surveyed, with a Common equity tier 1 ratio negative of 2,23% in the scenario under stress. Well, in the shock therapy studied in the month of July by ceo Fabrizio Viola and endorsed by the Ecb, with 5 billion and the elimination of suffering through securitization is aimed to bring that value to 4.5% in the worst case scenario; but in that case, the resources were private, and – at least initially – is not expected to involve the bond is subordinated, then they would have remained eligible for inclusion (although weighted) for the Total capital ratio. Now, however, the single supervisor would be asked to elevate – with 6.3 billion – to the reserve capital in order to meet 8% in the case of stress, as well as had been demanded for the banks in the Greek; also, clarifies the bank of Italy, Frankfurt am main, he would have requested a full reinstatement of the bearing of the share capital represented by the subordinated, for a total amount of 2.5 billion, and so you can get to 8.8 billion of demand.
“Now there is more time for a real raise”
Who will? A large part of the State, he said. The exact amount you will calculate by subtraction, after which will be converted into shares, the bonds in the hands of the institutional 75% of the nominal value and 100% of those in hand retail (which, however, will be able to request repurchase on the part of the State and the exchange with the title Senior). Result: the Treasury should spend a figure in the order of 6 billion, depending on the choices of the bondholder retail (who will remain shareholders), and any new emissions of the subordinates. With these figures, the bank will in fact nationalized, since you will be in the hands of the State, a share well above the 67% needed for the resolutions of the extraordinary shareholders ‘ meeting. With the 8.8 billion fresh, which will be reimbursed to the State with the re-entry on the market and in the first part with extraordinary dividends: they were now in cash, the Cet1 capital of the bank is expected to increase by over 22%, a value of record, therefore, the necessary capital to manage the sale of the Npl seems to be everything.
Mps, The ecb gives the go-ahead to the rescue plan, with an increase of up to 5 mld
the request for The recapitalisation came yesterday is very different from that 5 billion is still endorsed by the Ecb on 23 November, with the last via the free joint on the eve of the extraordinary shareholders ‘ meeting that approved the increase. As we know, however, the treatment "to the Greek" adopted by the Regulator will not automatically be required to other banks in the coming months, which could make use of the public resources made available by the decree-save-savings. In all probability the decision will be adopted on a case-by-case basis.
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