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ECB's Nowotny says Italy's Monte dei Paschi needs quick solution

Reuters - UK Focus

VIENNA, July 22 (Reuters) - European Central Bank governing council member Ewald Nowotny said on Friday Italy's Banca Monte dei Paschi (Milan: BMPS.MI - news) , which is weighed down by non-performing loans, needed a quick and concrete solution to its problems.

Other Italian banks' problems could be solved by setting up a bad bank, he told Austria's APA news agency.

Nowotny said he expected UniCredit (EUREX: DE000A163206.EX - news) 's Bank Austria to have a sufficiently large capital buffer to be able to split off its central and eastern Europe business after a regulatory green light this summer. (Reporting By Shadia Nasralla; editing by John Stonestreet)