Mps, on the table of the board of directors of the attempt in the last minute of saving private.

MILAN - The board of directors of the Monte dei Paschi di Siena met in Milan at a little after four in the afternoon on Sunday – to try to bring forward the increase of the capital “market” of banca toscana. An option is reduced to a flicker after that spread the indiscretion, not disproved, that the european Supervision that operates within the Ecb there is the availability to grant twenty days beyond the deadline of 31 December in search of international investors, able to cover a substantial part of the recapitalisation of five billion (one of which was added by adhesion to the conversion of the bond is subordinated, on th e part of institutional investors).

Formally, however, the refusal of the Ecb has not yet arrived on the table on the board: there is a margin in time (a procedure silence-is-consent”) in which the Board of directors of the Eurotower may ask to re-discuss the position of Supervisory led by Danièle Nouy. Waiting for the final verdict, expected on Wednesday, the bank of siena is still trying to implement the plan designed by the advisors Jp Morgan, Mediobanca and Lazard, which had counted on the side of the investors in the Qatar. Capital which now stand at the window watching the Italy after the outcome of the referendum and the crisis of governance.

READ more. The banks, the perfect storm

To have a crutch of support, Mps may seek to replicate the conversion of 2.1 billion bond subordinated, maturity 2018, those that are in the portfolios of investors smaller and less experienced. In the first conversion window these had been excluded, for reasons of adequacy of the profiles Mifid: the “report card” of investors that looms the ability to subscribe to securities investment more or less risky. The plan provided for the mandatory conversion of the bonds into shares: the transformation of the nature of the investment would be precisely generated problems with respect to the constraints imposed by Mifid. For this reason, only large investors were deemed to be skilled to accede to the offer.

To engage with the small bondholders, however, it must be a planet further from the part of Consob, the public Authority that supervises financial markets. The latter might ask for a supplement to the prospectus, and the permission appears to be difficult before it is been sent the formal letter of refusal of the Ecb to the extension of 20 days compared to the 31 December. A step in the formal play against the calendar tight operation, even if contact with the authority have been started already on Friday. In the meantime, make the filter to sources close to the board of directors of the Mount, the political framework is again moved with the mandate entrusted to it by the president Sergio Mattarella, Paolo Gentiloni, for the formation of an executive. “The fact that there has been the appointment, and, therefore, that there will soon be a new government, it gives us confidence to improve our plan.” According to these sources, “the times we are all” to carry out the capital increase by the end of the year.

Topics:

Mps

capital increase Mps

consob

banks

markets

ecb

Starring:

Mark Morelli

Giuseppe Vegas