Mps towards increasing guaranteed by the state – Il Sole 24 Ore

A capital increase in preventive purposes, publicly guaranteed, in view of the nearly 10 billion sale of receivables impaired prescribed by ECB. That’s how the State intends to come to the rescue of Mps, in a pattern that, if necessary, it may be useful for other institutions. On the table, as transpires from financial sources, there would be a maneuver by 2 or more probably 3 billion: what serves the Mount to fill the needs arising from the sale of NPL (likely to Atlas, with which you are dealing with) but also to raise the covers on the impaired loans to be held in the stomach, as required by the ECB in its letter ten days ago to the bank.

the Sienese titles are the goose that lays golden eggs for those who speculate

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it remains to reach an agreement with the European Commission, since there is to use one of the exceptions provided for in Directive Brrd public intervention in banks and Ideally there would be time until 29 July. Day that the EBA will reveal the outcome of the stress tests, almost certainly disastrous for Siena, and in which the ECB will turn to the bank its final required plan for the disposal of NPL. But the marketplace needs to do before, long before: yesterday the stock lost another 19%, the capitalization has fallen over 800 million, and the general stampede is dictated by the conviction that it is forthcoming a big increase in aid, in fact a nationalization of the bank intended to iperdiluire all other remaining members. Both from the point of view that financial operative in the government buildings (and Surveillance) the situation actually seems much less serious than it is perceived by the market, and for this it aims to close – and communicate – an agreement with the Commission within the next days. What there yesterday excluded Treasury is a unilateral decision of the Italian government.

because for Italian banks need a quick fix

also because from Brussels seem to come signs of openness. To limit the use of taxpayers ‘money to support banks’ is an important basic principle of the post-crisis financial regulation, in Europe and elsewhere. However, the legislators have recognized that a certain degree of flexibility may be necessary in certain exceptional cases, “he wrote the Vice President of the EU Commission, and a few days ago Commissioner for financial services Valdis Dombrovskis, in a written response to an MEP in which reiterates the existence of this possibility of derogation. A message that seems to credit the hypothesis formulated by the Government: making use of the provisions of Article 32 of Directive Brrd, the Treasury would aim to build a public guarantee on a new capital increase of the bank. An intervention midway between Padoan bonds (considered cumbersome) and direct intervention with an injection of capital: because in Via XX Settembre, it is believed that, with the double assurance of public guarantee on the rise and purchases by Atlas of NPL, the title can riascquistare a certain market appeal.

Back pressure on subordinates MPS

As we said, the possibility of state intervention, in a solvent bank, but “rejected” in the stress test, is covered by the standard. It remains to obtain, however, greater flexibility from Brussels on the exclusion of subordinated bondholders (crucial to avoid telluric effects on the market) and a green light from the European Central Bank, that of Siena pays particular attention given that the bank is under renovation for years. Two rocks is not insignificant, but for which yesterday was felt some confidence.

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