Green light for the ECB to bailout of JPMorgan and Mediobanca for the Monte dei Paschi di Siena. Confirmed the 5 billion capital increase and the sale of more than 9 billion net bad loans through securitization to which Atlas will participate. After a marathon summit, which lasted almost ten hours, the rescue plan, drawn up by JP Morgan and Mediobanca in Italy consultants, has been approved by the board Monte dei Paschi. Thus ends, then, the exhausting negotiations between Siena, Rome, Brussels and Frankfurt to start the sale of 27.7 billion gross bad loans of the Montepaschi (out of a total of 47 billion) with an average price of 33% of the nominal value of loans.
the task
This will be undertaken through a maxi-securitization with the participation of the fund Atlas bis which should raise up to 5 billion euro by August 8. In addition, the transfer of NPL (Non perfoarming loan, non-performing loans) will be joined by a bridge loan that staunch the losses of the bank up to the launch of the increase from 5 billion euro capital expected later this year.
rejected plan Passera
a green light not obvious if you think even the sensational alternative plan presented to the photo-finish by Corrado Passera and UBS but in the end was rejected by the Board of Siena, without even allow the former minister to present it personally, however, as it was expected the day before. “We looked around but there was another plan, then the one approved by the ECB, solid.” So the counselor Antonino Turicchi at the end of the board responded when asked if they had discussed the plan of Corrado Passera, and what was the reason that led to the rejection.
semester in due
MPS MPS has also closed the first half with a net profit above market expectations: 302 millions. The result benefits of “tax income of 134 million euro, relating to the tax treatment of certain income components related to the operation Alexandria recorded in the second quarter.”
July 29, 2016 (amendment July 29, 2016 | 21:06)
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