the MILAN - The Ecb has rejected the request of the Mps to allow more time for the capital increase. The news, waiting with baited breath as the Piazza Affari, it has been spread from the financial sources to news agencies, while the bank do you know that have not yet received official communications. From the Eurotower, the official position is “no comment”, as always happens in relation to banks ‘ look to it.
And on the face of the government is not scheduled for tomorrow, no meeting of the council of ministers. According to sources from the Palazzo Chigi, “the schema of the decree-law on banks is basically ready to be launched, where it was necessary to”.
The day was closed with a note in which the board of directors of Mps, and up to date to Sunday at 16, “informs you that you have not received any communication on the part of the european central Bank”, and announced that “the bank continues, therefore, all the activities leading to the completion of the recapitalisation. The institute of siena, therefore, does not surrender and keeps the door open to a market solution that could pass by the reopening of the conversion of the bonds to the retail public, over 40 thousand investors is in the hands of 2 billion of subordinated bonds and so far have not been able to join the conversion because of the stringent stakes placed by Consob to protect investors, not professional.
The reasons for the decision of the board of the surveillance Mechanism, which will soon be ratified by the board of the Ecb, are not yet official. But from what we learn, revolve around two topics. The first is that the private investors, which this summer will find the bankers of siena submit the dossier have had quite a substantial to make a decision, which so far has not arrived yet, not even by those who were more possibilisti, as the fund of Qatar and the hedge fund Soros, Paulson, Atlas. The second reason why supervision has not granted more time is that it is believed that the uncertainty of the political framework that opened with the defeat of the “Yes” to the constitutional reform, which was followed by the resignation of Matteo Renzi, could last more than 20 days left until the end of 2016, which was the last date of the first commitment taken by the Mps to sell its 27 billion in unpaid loans, credit and recapitalize. For this reason, the Eurotower in the m eetings of yesterday and today would have preferred to cut the gordian, and to decide a road – that of the nationalization – which provides security for the bank of siena, in as short a time as possible. Always by 31 December.
The situation of the Mountain has been the focus of a meeting this morning at the ministry of the Economy, including the minister, Pier Carlo Padoan, the Monte dei Paschi di siena, Marco Morelli, and the president, Alessandro Falciai. The same Falciai, entering in the milan office of the bank to the council on the situation, reported that the vertices are not “absolutely” worried about the situation. The title precipitates in the meantime, in Piazza Affari, where he scored a decline of 10.5% at the end of the day, dragging down the whole index of the banks.
The institute siena had asked for time to try to close the ripatrimonializzazione 5 billion relying entirely on market forces. It would be served for that goal the basis of a pool of investors, in addition to the billion already arrived from the conversion of the bonds are subordinate to it. But at this point, according to the plan developed by the advisor to Jp Morgan and Mediobanca, this road seems to be closed. To secure Mps and help them to raise capital will serve, therefore, the intervention of the State, with the Treasury to work for a bill that could see the light in the next few days. The rescue will likely also contribute to the holders of the subordinated bonds issued by the bank, and the shareholders.
The decree devoted, reconstructs the Republic, is now ready and contains also other nodes bank to dissolve: the rewriting of the reform of the Popular, frozen by the Council of State, and who holds in the balance the transformations in the Spa Pop Bari and Pop Sondrio in the calendar in the next few days; the tax issues related to tax receivables deferred; the recapitalisation of the resolution Fund.
The chapter of the Monte dei Paschi di siena is the most important, also politically: the premier Matteo Renzi has emerged in the past few months to avoid the step of public intervention is now unavoidable. The way technique now to the study of government and management, siena the “recapitalisation measure” in the context of the european directive on bail-in: the State takes over for the consortium of guarantee, it goes through the resetting of the bond subordinates, with the objective of offering refreshment to the retail customers exposed, as said, for about $ 2 billion.
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