Mps will propose to the Eu plan, with the sale of the block of suffering – Reuters

Joseph Source

ROME (Reuters) – Between late January and early February, Mps will present to the european Commission and the Ecb with a new industrial plan that aims to confirm the assignment “in block” of all sufferings.

Heard in the Senate, the AD of Siena Marco Morelli explains that the bank is moving in the furrow of the project submitted at the end of October and failed to December, as he had left already understood yesterday, the bank of Italy.

Confirmed by the banks also plans to close 500 branches and the output of 2,450 employees in three years through the solidarity fund, without further redundancies.

“The sufferings to be removed from the budget because otherwise it does not break down the profitability. You need to get rid of sufferings and failures of probable as quickly as possible,” said Morelli during a hearing on the decree that governs the recapitalization as a precautionary Mps.

The old plan, underwritten by Jp Morgan and Mediobanca provided for the deconsolidation of non-performing loans of more than 27 billion. The operation, unprecedented in the Italian panorama, was also involved in the bottom of the Atlas.

Where Morelli does not want to say too much on technical methods. “We are examining several possibilities,” he says.

The top manager, the reassuring solidity of the bank, which has failed the attempt of recapitalization on the market and was suspended from trading.

“We immediately outputs important deposits from the beginning of December, but the phenomenon has stopped in the last days of 2016 and during the first days of the month,” said the ceo of the bank of siena. read more…