Liquidity and Npl. The present and immediate future on the table of a session, the "virtual" board that yesterday afternoon he saw connected almost all of the directors of Monte dei Paschi. Ceo Mark Morelli and cfo Francesco Mele have up-to-date, the board of directors on the work carried out here and on the next steps waiting for the bank: the starting point, therefore, the liquidity indicator to be monitored carefully in view of the escape of the deposits of the past few weeks, and the ambition to recirculate the 15 billion lost in the last year.
yesterday, the bank of government guarantees on future emissions, a permit that will be used very soon just after the holidays, certainly not suitable to place a bond, the Mount has to place first bond, which should follow a second in the month of February. Features and amount would be in phase of the study, it is certain that for the bank it’s return on a market where the most recent noteworthy transaction dates back to November 2015, when the Rocca Salimbeni, taking advantage of the conditions (at the time) the optimal credit market had placed two bond in a month. The last of which, a covered initially by 750 million euro, picked up a question of how not if seen in time for 1.6 billion, so as to convince the institute to raise the offer to a billion euros. Other times, for the Monte and not only that: now the air is much heavier and, therefore, is studying the return on the market with extreme caution.
Supervision of the Ecb, need a change of direction
But yesterday, according to The Sun 24 Hours, you would have made the point also on the industrial plan, which will be negotiated first with the Ecb – which does not exclude to have a discount on the demand of 8.8 billion – and then with the european Commission, which has the last word about the intervention of the State. The final version, in the substance of a review and more incisive plan of October, will be ready in a couple of months, but the first drafts are expected for the beginning of January: this is the document that should start the dialogue with Frankfurt, where the ceo Mark Morelli is expected to be in a date yet to be determined.
the central Point, of course, the Npl. Skipped the securitisation of the private floor, jumped – in fact – the contribution of the Atlas, at least to the extent provided in the summer), the Mount has to start from the beginning. Knowing that you can take advantage of a capital much higher than expected, due to the 8.8 billion that will go into the belly, but at the same time will have to move with determination on the road to profitability, in order to allow a permanence of the State is limited to what is strictly necessary. As mentioned in the past few days, the possible solutions on the Npl are different, ranging from the supply packages to the self-securitisation, up to the internal management.
Ecb ready to accelerate on the level of Mps
In this area, but, according to what is learned, is now considering another schema, scope is potentially much wider. The summit of the bank, in substance, is reportedly studying the creation of a bad bank in which to sell the Npl in exchange for shares to allocate to their shareholders (largely the State); in practice, a vehicle that in the later stages might then be open to other banks, which in turn could contribute by making the Npl and receiving in exchange shares of the vehicle.
A picture that definitely could find the support of the Treasury, because it is located half-way between a private solution (which, moreover, had studied the Fairness in a report of April) and the old project, bad bank "system" for months, the subject of a negotiation with Brussels landed and then only to the Gacs. In this case, we think, between Siena and Via XX Settembre, it would be, however, of the project of a bank, the control of which the public – at the time – would not be a determining element.
Yesterday, the board of directors has taken note of resignation of director Christian Whamond.
@marcoferrando77
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