The Ecb, in the rejection of the request for extension of the Monte dei Paschi di siena for the execution of the capital increase, he calculated that in a theoretical situation of stress the bank – in the absence of recapitalisation – may be “a spill of about 10.3 billion of liquidity in the course of a month”. In this theoretical scenario, the bank would then have a time horizon of only 29 days “within which to meet its liquidity needs without recourse to new measures”. We read in the supplement to the prospectus for the offer of the conversion of the subordinated, released today. According to this calculation, the Ecb has not granted to the Mps of the extension to January 20, asked by Siena, for the implementation of the capital increase.
The bleeding of the collection
shows No signs of stopping the bleeding in the collection of the group Monte Paschi in the course of 2016. After 13.8 billion lost in the first 9 months, the institute siena has lost an additional $ 6 billion between 30 September and 13 December. From 4 December, the day of the referendum on the constitutional reform, were lost 2 billion euros. The collection, which was 105 billion in September, would then be equal now 99 billion. The data on the decline in the fourth quarter is reported in the Supplement to the offer document for the conversion of the bonds. The outflow, it is stated in the document, “is to relate both to commercial pressures is not predictable, due to the unexpected climate of uncertainty about the possibility of the conclusion of the operation, both seasonal components (predictable tax deadlines). It is not excluded that the magnitude of the outflows may further increase in the short-term effect of both the above-mentioned com ponents”. For the end of 2016 we expect a smaller collection of 3 billion euros with respect to the plan, which took into account only the seasonal components. The institute, however, requires to retrieve the deviation in the 12-18 months for the effect of the positive conclusion of the operation; if this does not occur, the bank will be able to achieve the balance of liquidity by reducing the level of new disbursements of loans with the economic impacts is limited.
Starts the conversion of the bond
After the go-ahead by the Consob in the late evening of yesterday, is allocated to the conversion operation in the actions of the Mps of the bonds in the hands of the retail. The acceptance period for the offer — as is explained in a note of the Mount — originally planned from November 28 to December 2, 2016, is extended by the December 16, 2016 (9) December 21, 2016 (14 hours). “The date of payment of the offer will be stability after the end of the acceptance period, in the terms indicated in the offer Document”. The list of securities subject to the offer remains unchanged.
The cost of the operation down to 90 million
Meanwhile, down 90 million the expected costs in the increase in Mps for the absence of the guarantee fee that would go to the banks with a contract of guarantee. The total cost of the operation down from 648 to € 558 million. The cost increase from 170 to 84 million, and those for the liability management from 22 to 18 million and the total costs decreases from 269 to 179 million.
16 December 2016 (change the 16 December 2016 | 17:50)
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