Monte dei Paschi di Siena (MPS) is the oldest operating bank in the world
Italian art and heritage funding in Siena is likely to face cuts after its biggest donor suffered massive financial losses.
The Monte dei Paschi di Siena (MPS)
, the oldest operating bank in the world, has received a bailout of $4.1 billion, reports the Art Newspaper.
The bank has a generous record of funding cultural projects through its foundation, having contributed around $400 million since its inception in 1995. However with a burden of debt totalling nearly $350 million, the foundation is reported to have ceased almost all of its funding.
Head of communications at the foundation, Gianni Tiberi, said that they must concentrate on the debt before anything else.
The extent of the debt amidst the current financial crisis means that the foundation is unlikely to ever recover its status, greatly effecting many cultural institutions in Siena which rely on the MPS for financial support.