The Mps, from the Cdm ok to the rescue: approved the dl ‘salvarisparmio’ – LOOP.it

“We have approved the decree that we have defined the decree salvarisparmio that is based on the authorization received from the parliament with a large majority to constitute a fund of 20 billion to intervene in the protection of savings”. He said the premier Paolo Gentiloni at the end of the Cdm.

The decree-law save-saving “contemplates the possibility that the bank concerned by a recapitalization of precaution on the part of the State, which involves the conversion of subordinated bonds into shares, the offer obligations that are not subordinated in exchange for the shares the fruit of conversion. The Treasury may purchase such shares”. the precise the final communiqué of the Council of ministers.

“I Believe that this is an important day, carried out” for the Mps “reassurance for its investors and for its future”. He said the premier Paolo Gentiloni at the end of the cdm, pointing out that in the drafting of the decree-save-savings “we are engaged in a particular way in the mode of intervention of the situation of Monte dei Paschi”.

“We expect Mps to ask for activation which will provide security and will allow the bank to continue its business plan. The third Italian bank, will return in full force to operate”. So the minister Pier Carlo Padoan after the ok of the cdm to the decree.

A mechanism of protection of the bondholders subordinated Mps to 100% by assigning them to the first shares and then ordinary bonds. Is that decided by the government in the decree on the Mount, as explained by the minister of the economy Pier Carlo Padoan, recalling that the intervention of the public triggers the conversion forced with a loss. To work around this the same bank will activate a transaction mechanism for the exchange of the bonds into shares and then in ordinary bonds.

the Mps at the end of the board of directors following the share capital increase transaction said that the transaction has not closed successfully and thanks tuttiti employees for the great effort they have put in the service of the bank and of the clients in this delicate moment in the life of the institute”. Were not collected, investment orders sufficient to reach the amount of 5 billion euro, which is necessary to allow the deconsolidation of the non-performing loan and the achievement of the other objectives of the strengthening of the equity basis of the transaction announced on October 25 and authorisations received by supervisory bodies, national and supranational levels.

you May arrive already tonight the decree for the intervention of the State on Mps, with the establishment of a fund by 20 billion, which can also serve for other institutions in crisis.

The title, on the roller coaster throughout the day in the Bag, he closed with a decline of 7.48%.

Consob has ordered the suspension tomorrow of trading on regulated markets, in multilateral trading systems and in the systems of systematic internalisation Italian with respect to securities issued or guaranteed by Banca Monte dei Paschi di Siena spa and financial instruments having as underlying securities issued by Banca Monte dei Paschi di Siena spa.

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