the MILAN - The attempt to increase the share capital of Mps on the market is, as expected, was a blank. And at night the government approved the rescue plan for the public. “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”, announced the premier Paolo Gentiloni at the end of the council of ministers.
The failure of the share capital increase was certified by the board of directors met up in the evening to Milan, just to take notice of this “failure”. And yet, in a press release issued late yesterday evening, the institute of siena had made it known that the accessions in total with the offer to exchange bonds subordinated actions had brought on the farm more hay on the forecast. But to complete the operation by 5 billion came to the missing support of an institutional investor of a thickness, in the context of the capital increase: the Qatar, who seemed to be in the initial phase, the company is able to put on the plate at least 1 billion, is paraded. The council thanked in the note on the failure of the operation of recapitalisation – all 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”. The banks transaction advisor, however, does not receive commissions.
On the Stock exchange, the Mps has lived the classic of the day “roller coaster”: the bank of siena was not able to price on the Stock exchange, marking the opening a drop of the theoretical 7,98% (follow the title in the direct), and then turn upward and then close again a decrease of 7%. In view of the unfolding of the events, Consob would be ready to freeze the titles of the Mountain for a long period of time.
At this point, the subordinated bonds of Mps that had joined in the exchange offer will be returned to the respective carriers, whereas the non-completion of the capital increase will also be less also of the securitization of the sufferings of more than 27 billion, and contextual to the increase in the same. The meeting of the board of directors of Mps remained opened: second when you learn it, the board was awaiting the conclusion of the Council of ministers, so they can then decide to turn the request of ‘take advantage’ of the intervention Was planned in the measure. Meanwhile, Consob has ordered the suspension of securities from trading.
READ more. SEVEN THINGS TO KNOW ABOUT SAVING MPS
For bondholders subordinated retail, or small investors who have subscribed to those titles, perhaps without understanding up to the bottom of the mechanisms, it opens the way of the mandatory conversion, and, after dining, or perhaps the buy-back direct of securities by the Treasury.
An immediate intervention was called for by the trade unions of the credit: “it is essential to do immediately, today, with a decree from the government and put in safety the Mps and the other distressed banks, protecting a sector such as that of the credit upon which the seal of the economic of the country, protecting the workers and the savers” ask Fabi, First Cisl, Fisac Cgil, Uilca, Unisin, Sinfub and Ugl credit. The trade unions appreciate, “the current management that, despite the refusal of the Ecb to the extension for the capital increase, has maintained the commitment to a market solution that has not been realized”. In any case, “the real stars were the workers and women workers who, with great professionalism have managed relationships with clients with the sole objective to ensure the security of the bank, protecting investors and defending the place of work.
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