The capital gap, formally, there is still no. But between the (likely) failure to stress tests in progress and the demand (some) of the ECB to give in by 2018 9.6 billion of net impaired loans, the Monte dei Paschi di Siena will soon need fresh resources. That’s why the market is sold and that the Government is working on a “shield” for Siena. Knowing that, if necessary, can also be used for other banks in crisis.
Among the protagonists of the story, the situation is known for weeks, but yesterday it exploded after Republic he wrote a letter arrived in Siena – on the eve of the vote on Brexit – asking you to lighten net npl 24.2000000000-14.6000000000 by 2018, almost double than those of the business plan of the bank. The goal is to halve the NPL ratio to 20% and in theory there are two and a half years of time, but by comparing the carrying values (already low) of the bank with the market prices shows an additional capital requirement of about 4000000000: this explains the wave of sales taken yesterday on the title, finished several times in the volatility auction. At the end of session, the crash was of 13.99%, with a precipitated capitalization under one billion: just enough to accelerate the bank in the drafting of the new plan for the sale of the NPL and the Government in implementing public intervention point in capital.
capital
The two-story, in fact, are connected. Because it is with the disposal of NPL which will emerge the need for capital that the state, in whole or in part, will have to fill. Although it is likely – or at least appear these are the intentions of the Government – that we start from the bottom, ie the recapitalization of the bank, to enable it to relieve themselves without further worries of 10 billion Npl as requested by the ECB.
the node that is trying to dissolve the Treasury is technically and politically. Because on one hand you have to find the pattern that allows the injection of public resources, and on the other to avoid the confrontation with the European Commission, Germany and the ECB penalty taker. The most likely hypothesis is that when d she precautionary recapitalization by the State – directly or perhaps through CDP – and connected to the stress tests, expressly provided for in Article 32 of Directive Brrd (see the article on the page on the right ): the provision must be interpreted, but there seems to be a glimmer of hope, however, wider than comparable alternatives such as the suspension of the bail-in, or government guarantees also on the junior tranche of the securities from securitizations. Today, it was said, the Monte is worth less than a billion: a recapitalization, in fact, is intended to deliver to the state, or whoever it the bank.
Non-performing loans
at the same time, including Treasury, CDP and Via Nazionale you work for a recapitalization of Atlas and on Gacs, who still expect the latest application standards, to put the Mount in a position to dispose of 9.6 billion of Npl prescribed by the ECB. A plan, this, on which there is turmoil also in Siena: the day after tomorrow, as is evident in the Sole 24 Ore, the board of directors of the bank will consider an initial proposal to be sent to the ECB, which will have three weeks to respond. To draft the new disposal plan, however, there will have until October 3: as it turns out, the bank is studying a mix of tasks that include the sale of some portfolios, the spin-off in an internal wide bad bank slice of Npl but above all the transfer of the structure – personnel and equipment – the management of bad debts, a dossier which sees Mediobanca advisor in the shoes; it aims to provide a platform (on UCCMB / DoBank model) in tandem with an investor, in which 80% of the vehicle should end; August will be expected for non-binding offers, by persons who – on paper – might also be interested in the junior securities of securitization.
© All rights reserved
No comments:
Post a Comment