The new plan of Banca Monte dei Paschi di siena of Siena will be presented to the european Commission and the Ecb at the beginning of February. And it has clarified the managing director of the bank of siena, and Marco Morelli, in the course of the hearing before the finance Committees of both the house and Senate on the decree to save the banks, by specifying how the reaction of the 25 thousand employees of the group in these months will give “the awareness that the recovery plan is possible in view of the temporary nature of public intervention. Our goal is to offer the bank a path with the State is not a prevailing position”.
In detail, the institute intends to start a path of interaction with the supervisory authorities within the first days of February and formally launch the dialogue on the industrial plan. The goal is to close the comparison and to allow the intervention of the State “in a few weeks”, even if it is the first time for the Italian authorities, control bodies and the Eu authorities. In this way, you will give the opportunity to the bank, “to resume a path to operational, commercial, environmental, of greater peace of mind.”
“We start,” continued the banker, “from the indications of the industrial plan presented to the market last October 25, we will take account of all changes on the main aggregates of the bank and that we will try to arrive at a conclusion that, on the one hand, takes account of the indications that there will be dates by supervisory bodies with which we interact, but on the other hand, give the opportunity to the bank to continue the path of repositioning business to find and start to do a job that a bank like Monte Paschi has always done.”
The new plan, which will be presented to the Eu executive, will start from 2.450 redundancies in three years through the solidarity fund, without further redundancies, and the cutting of 500 branches, as already indicated in October. “It is evident that in the negotiation that you do with the Commission we will certainly on this assumption, with the objective of ensuring that the bank can leave without a penalty to his strength working in various joints, this is the goal that we have,” he continued, Morelli. “After that, we will present a plan that needs to be shared by those who have the power to give directions that maybe divergeranno from this point”.
No change, therefore, also in regard to the projects related to the suffering that will be sold in the block: “the sufferings on loans should be removed, because without their exit from the balance sheet does not break down the profitability of the bank, the objective remains the transfer of the sufferings in the block. Then count also the opinion of the authority”. The old plan underwritten by JP Morgan and Mediobanca provided for the deconsolidation of non-performing loans for more than 27 billion euro. The operation involving the bottom of the Atlas. However, Morelli is not unbalanced on the technical modalities of the transfer. “We are examining several possibilities, it is limited to say.
a Little concern, finally, for the strong outflows last December, the month in which Mps has registered “outputs important” deposits to the “strong pressure of the media” that has invested the institute. Outputs that are, however, stops at the end of the month after it was made clear on his future, he pointed out, also revealing that JP Morgan, Mediobanca and all the banks in the consortium placement “have not taken and will not take a euro for the work done in the operation which ended before Christmas. It is a condition of the renegotiated prior to the conclusion of the operation, and then you have taken the risk,” explained Morelli, who believes so much in the revival of the bank will remain even with a pay cut: “yes, Absolutely. I prefer that I have reduced the salary in a very heavy, but they are protecte d in the figures management very important and that if they were lost there would be a substantial injury”. Moreover, the minister of Economy, Pier Carlo Padoan, has already made clear that he will appoint a new board of directors at the time of completing the recapitalisation of Mps .
in Front of the finance Committees of both the house and Senate and the president of the Mps , Alessandro Falciai, has expressed a positive opinion on the decree save-saving “both the timing and the content.” The measure has reconciled to the fact two needs: one, to respect the eu burden-sharing, on the other, the principle of the protection of savers. Also, in the decree there is an adequate attention to interests separate, but worthy of specific protection” and rules that “allow all banks with solid fundamentals to overcome temporary difficulties”.
Falciai he assured that “in no circumstance, the deposits of our customers were never at risk in spite of what may have been said”, but “it was our duty, in force of the directive, Brrd and a moral duty to try to bring all the solutions of the market before asking for a single euro” to the State.
the Government, which now, according to the statements of the Mps , and will hold 70% of the share capital of the Mountain: “We have about 4 billion euros of bonds that will be converted and the rest will be taken by the State”, for a total investment of around 6 billion, so we will have a shareholder structure that basically has the institutional for a couple of billion. So let’s say that the State will have about 70%, the institutional and the rest, while the retail will be able to convert and exit”.
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