Montepaschi tries again. Do not surrender to the idea of having to resort to public support — already ready with a decree — to be saved. So yesterday at the end of a long day and full of rumors — among which that on the “no” of the Ecb at the request of a shift of 20 days of the time of the increase that brought down the title of 10.5% — the board has decided to go ahead anyway with the operation of the market 5 billion. “This bank will save certainly,” said the chairman, Alessandro Falciai. But it will not be easy. Neither the new plan is yet to be defined.
No government, no private members
The government crisis after the defeat of Matteo Renzi at the referendum has complicated the cards on the table: Qatar, which was to invest € 1 billion on the city of Siena, has retired pending a clarification of the political framework, by bringing the conditions of the market to bring forward the operation. For this last Tuesday, Mps asked for more time to the Ecb with respect to the deadline of 31 December. But even if financial sources last night made it clear that “no final decision has been taken” and the Mps of “not having received any communication” from Frankfurt, the Ecb would be expressed for the “no” because they do not believe in the goodness of the entire operation by Jp Morgan and Mediobanca. So it is necessary to invent another, and in a few days.
The board of Sunday, and with the new scheme, “Greek”
Yesterday morning Falciai, the chief executive officer Marco Morelli, and the advisor have flown to Rome by the minister of Economy, Pier Carlo Padoan, to discuss the rescue. Tomorrow will decide the council of Mps, called for 16.
The new schema ricalcherebbe the one used to save the Greek banks will be launched a new offering of the conversion shares to the approximately 40 thousand savers who hold bonds subordinated 2.1 billion. A first offer on all 4.3 billion of bond has been granted only by professional investors for 1 billion euro. The retail has, instead, lap time, despite being at a premium on the values of the market, Consob has prohibited to the Mps to accept the proposal to customers who do not have the correct risk profile.
Consob
Now, you ripartirebbe from here. However, that Consob will give the bank the exemption from the ban, perhaps with the argument that it would be worse for investors if you go to the rescue of the State: with the”increase in precautionary” in charge of the Treasury, in accordance with the rules of the Eu’s “bail in” bonds would be converted, but at a loss. Another hypothesis is that mixed, in which the State buys the bond to investors and then converts them into actions. In both cases, Qatar would be its billion. Would, therefore, only the 1 billion that the banks will try to place by Christmas, but without any warranty. If he does not succeed, the alternative is nationalization. With very high costs.
The reactions of the trade unions and policy
The trade unions are worried: “the Irresponsible decision of the Ecb”, said Lando Sileoni, a leader Fabi, “in dance, there are 26 thousand employees”. But the hypothesis of the state not sorry to 5stars: “we Need the help of the State so as not to apply the bail-in small depositors, as a year ago, it is written in the blog of Beppe Grillo. “From the Ecb, a slap in the face to Renzi and Padoan,” says Renato Brunetta (FI), “The new government will approve it soon and the rules of the saving public.”
December 9, 2016 (change on December 9, 2016 | 23:14)
© REPRODUCTION RESERVED
No comments:
Post a Comment