italian bank bmps ecb wants it to get €88bn bailout
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Italian bank BMPS: ECB wants it to get €8.8bn bailout

Arab Today, arab today

Arab Today, arab today Italian bank BMPS: ECB wants it to get €8.8bn bailout

Monte dei Paschi is widely considered to be the world's oldest bank
Rome - AFP

Italy's troubled third largest bank, Monte dei Paschi di Siena (BMPS), said Tuesday that the European Central Bank has called for it to receive a bailout of 8.8 billion euros ($9.2 billion).

The ECB's reported need for recapitalisation at BMPS is over three billion euros more than previously judged necessary.

The stricken BMPS, considered the world's oldest bank, said in a note that the ECB had expressed this opinion in letters to the Italian ministry of finance and economy.

The eurozone central bank indicated in the letters that the results of stress tests in 2016 showed that the capital needs of BMPS at 8.8 billion euros. It also noted that the bank's liquidity had deteriorated between November 30 and December 21.

Contacted by AFP Tuesday, an ECB spokeswoman said: "We don't make any comments on individual banks."

According to the Italian economic newspaper Il Sole 24 Ore, the ECB arrived at its bailout figure for BMPS on Thursday. The Italian government would invest some six billion euros in the lender and the rest would be raised through bonds, the paper reported.

Italy on Friday approved a state-funded rescue of Tuscan lender BMPS without citing a specific figure. The move however is fraught with political and economic complications for a centre-left government preparing for an election in the next 15 months.

The state plans to dip into a debt-financed 20-billion-euro ($21-billion) war chest that was approved by parliament last week, adding to Italy's already massive debt burden and to borrowing costs which have ticked higher as a result of the current crisis.

Around a quarter of the rescue fund is going to be required immediately to inject cash into BMPS, which confirmed Thursday that it had failed to raise the capital it needed from private investors.

Trading in BMPS shares is currently suspended on the Milan market.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

italian bank bmps ecb wants it to get €88bn bailout italian bank bmps ecb wants it to get €88bn bailout

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

italian bank bmps ecb wants it to get €88bn bailout italian bank bmps ecb wants it to get €88bn bailout

 



GMT 11:40 2018 Friday ,05 January

Zuckerberg makes 'fixing' Facebook a personal goal

GMT 01:05 2014 Thursday ,13 February

Flora

GMT 21:50 2017 Wednesday ,25 October

Abdullah bin Zayed visits WorldSkills Abu Dhabi 2017

GMT 16:33 2017 Tuesday ,04 July

Hany Ramzy happy for positive reactions

GMT 20:11 2018 Wednesday ,05 December

EU wants INF Treaty 'preserved and fully implemented'

GMT 21:01 2018 Sunday ,25 November

Oil prices plummet amid U.S. drilling rigs down

GMT 13:01 2016 Sunday ,28 August

China's Top 500 Firms Report First Revenue Decline

GMT 04:46 2014 Thursday ,11 December

Taliban suicide blast kills 6 Afghan soldiers in Kabul

GMT 11:10 2018 Wednesday ,17 January

MP Hariri welcomes Sho
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday