Montepaschi, failed to increase of the capital – il mattino di Padova

Failed to increase of capital comes to the State. After over five hundred years closes the history of the Monte dei Paschi, the oldest bank in the world. Yesterday evening, the board of directors of the institute, the sienese could not do more than take note of the failure of the capital increase of the market, as it was called by the same leaders imposed a few months ago by the bank of business Jp Morgan with the promise of being able to collect the necessary funds from private investors to institutional.

No capital increase. The board of directors after a three-hour meeting has informed that the capital increase “has not closed successfully”. “They have not been collected investment orders sufficient to reach the amount of 5 billion euro – reads a note – is necessary to allow the deconsolidation of the non-performing loan (npls) and the achievement of the other objectives of the strengthening of the equity basis of the transaction announced on October 25, as well as permissions received from the supervisory bodies, national and supranational”. The bank “would like to thank all the 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” and announces that all of the bonds offered in conversion of investors both institutional traders “will be returned to the respective carriers in the terms set forth in the relevant off ering documentation”. The business banks involved in various capacities in the consortium for the placement, and in the securitization transaction, including JP Morgan and Mediobanca, will not receive any commission.

Request for government intervention. The board of directors of the institute of siena has activated the procedure to request the intervention of the State, as well as provides the measure taken by the Government and approved by the chambers. Consob has suspended the trading of all securities starting from today, waiting to know the conditions of public intervention. The truth is that the failure was in the field of institutional investors, because the underwriters and to the holders of the bonds and of the old actions have insured over 2,451 billion euros, a figure very close to the maximum possible. Yesterday the stock has closed again in heavy decline (-7,48%) by touching the 15€.

The plan of the government. The Council of ministers on the rescue of Monte dei Paschi could meet the morning of December 23, before the opening of the markets, because the executive must receive the formal result of the board of directors of Mps . The management of the Montepaschi under its likely future shareholder of majority, the Treasure, will have to work hard to make the bank attractive in the eyes of investors in quick time. Why the decided strengthening of the share of capital in the hands of public will in time. And among the hypotheses that revolve is there a time limit to 18 or even 12 months within which the Treasury will have to go out. The directive Brrd article 32, in fact, reads as follows: the measures of public support (such as the recapitalization in advance) “are precautionary and temporary”. It is not decided which is the term. “Will be negotiated between Rome and Brussels,” one source explains, under the new plan

industrial. According to what is learned, the Treasury would push for a timing wide, to give breath to the operation, maybe two years. It is not clear how it will end, since this is the first real test for a saving to the public of a bank of relief under the new european regime of the Brrd.