Monte pre-agrees ‘precautionary recap’

By GlobalCapital
01 Jun 2017

The European Commission and the Italian government have reached an agreement in principle to grant Monte dei Paschi di Siena (MPS) a “precautionary recapitalisation”, clearing the way for the Italian government to inject public funds into the troubled Italian bank.

Before the Italian government can commit any state money into MPS, the European Central Bank (ECB) must first confirm that MPS meets its capital requirements. The Italian bank must also dispose of its non-performing loan book.

But the European Commission officially agreed on Thursday that MPS would be ...

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