The private solution is uphill, the public solution is in the definition, but still should be a partner to the Government: the epilogue to the rescue of Monte dei Paschi, as certifies to the Bag, it seems close but the how and the when are still uncertain. Therefore, the Mount would need that the european central Bank congelasse for a few weeks, the situation, pushing away the uncomfortable end of 2016 (put in black and white for the first time on the 23rd of November) for the recapitalization by 5 billion.
Mps, prepared the decree for the intervention of the state. Slide the Cda, Morelli flies to the Ecb
this yesterday, the ceo Marco Morelli spoke with the leaders of the Supervision of the Ecb. The president, Danièle Nouy, however, was not in Frankfurt, and in any case the question is of such scope as to require an endorsement of the Supervisory board, which meets once already in the day of tomorrow: it is a fact that, according to what is learned, the Supervision is now considering an extension to the maximum until the end of January for the return above the minimum levels of capital. The weeks that the Ecb could grant should be sufficient to determine a new structure to the rescue: the market obviously believes, since yesterday the stock has closed positive on the session (+1,1%) after being suspended downward, and in general, it was a session to remember for the bank. As if the risk of contagion, or of new charges systemic, it is moving away.
If the Mount becomes the Piave
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Today the board of directors
The Mount will now point in the board of directors, convened for the afternoon in the office in milan Via Santa Margherita. The Scale is two steps, and while here they will celebrate the rite of the first with the Butterfly of Puccini, the bank will decide how to reconfigure the plan put in crisis by the vote of last Sunday, that has come in because the conditions necessary to proceed sent with the private solution. Even if, formally, the framework studied by Jp Morgan and Mediobanca is still standing: the anchor investor, that is, the sovereign wealth fund of Qatar, has not yet formalized the loss of his potential contribution of a billion, thus, the guarantee of the consortium of investment banks is still not completely ruled out. Of course, they were the roses would be already flowering, so the plan To is given to very unlikely: none, however, at this stage seems to want to take the responsibility of declaring it to be revoked. Second, when it is in The Sun, yesterday, the ceo of Upstream, Marco Morelli, in a call with the banks of the guarantee consortium would have reasoned about the possibility of leaving the door open for a few days, but not more: only when it will be officially adjusted the Plan, you can go to Plan B, or to study some form of hybrid.
Plan B, state intervention in the “precautionary”
plan B
as regards public intervention, the plant is in phase of definition (see services in the next page), but since it is a complex task, it is difficult to think of an immediate implementation. Especially in the case where, as is probable, they were to be involved in some extent the bondholders. Yesterday evening, in particular, talked about the possibility of a buyback by the State of the securities in the hands of the small investors.
bond holders
The main node, on the other hand, is to be able to take out the retail. The theme, as it emerged from the rescue of Banca Marche and of the other three banks a year ago, is very delicate from the point of view of social and thus political. And the low propensity of savers to the conversion of the bond into shares confirmed yesterday with the final data on the accessions to the conversion of bonds is subordinated to ordinary shares, from which it was collected 1,028 billion euros. From the analysis of the data shows that the small savers, to which Mps had sold at the door more than 2 billion euros of bonds subordinated to fund the acquisition of Antonveneta, have almost completely deserted the conversion of their bonds into shares.
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