|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's range||13.00 - 15.65|
|52-week range||13.00 - 15.65|
|PE ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y target est||N/A|
Italy's Monte dei Paschi di Siena (BMPS.MI) said on Thursday it planned to launch a voluntary public offering on behalf of the state to swap shares former retail bondholders had been given as part of a state bailout into senior debt. Under the plan, Monte dei Paschi issued new shares to all subordinated bondholders whose debt was converted into equity to meet European Union rules shielding taxpayers by imposing losses on investors in the event of a rescue. The Treasury however committed to compensate retail bondholders who had bought the bank's junior debt without being fully aware of the risks, pledging to spend 1.5 billion euros to buy their shares.
Italy has stepped in with funding to save yet another failing bank, meaning taxpayers now stand responsible for over $25.4 billion of recent bailout money.
MILAN/LONDON, Dec (Shanghai: 600875.SS - news) 23 (Reuters) - On the morning of July 29, former Italian Industry Minister Corrado Passera was travelling in a high-speed train towards the medieval city of Siena, racing to meet the directors of the world's oldest bank to present them with a rescue plan. Monte dei Paschi di Siena, Italy's third-largest lender, was destined to be wound down within months unless it could raise billions of euros and pull itself out of a swamp of bad loans that threatened to swallow up its five centuries of banking. Passera's recapitalisation plan was supported by Swiss investment bank UBS - Monte dei Paschi's long-time adviser - but the former minister was running out of time.
The world's oldest bank has indicated it will tap a €20bn Italian state rescue fund after its attempt to raise €5bn of fresh capital failed. Banca Monte dei Paschi di Siena made the announcement after ...
Banca Monte dei Paschi di Siena (IOB: 0R7P.IL - news) now looks certain to have to turn the Italian government which has just unveiled a €20bn package designed to prop up the country's ailing banking sector. Italy's third biggest lender also scrapped a plan to swap bonds - parcels of debt held by investors - for its shares. It was understood the position of the bank - Italy's third largest lender - was to be discussed at a government meeting on Thursday night.
Banca Monte dei Paschi di Siena (IOB: 0R7P.IL - news) now looks certain to have to turn the Italian government which has just unveiled a new €20bn package designed to prop up the country's ailing banking sector. The bank's troubles came to a head again on Wednesday when Italy's third-largest lender warned it could run out of money within four months unless its plans to raise new funds succeeded. Doubts over Monte dei Paschi (Milan: BMPS.MI - news) 's future came to a head two weeks ago when the European Central Bank (ECB) refused to give the lender more time to raise the €5bn from investors.
Shares (Berlin: DI6.BE - news) in Banca Monte dei Paschi (Milan: BMPS.MI - news) were suspended from trading again on Wednesday after the struggling lender issued a new warning over its funding woes. The bank - the oldest in the world - said it would run out of money within four months unless its recapitalisation efforts were successful. Its previous guidance had pointed to 11 months-worth of money.
Shares (Berlin: DI6.BE - news) in Banca Monte dei Paschi (Milan: BMPS.MI - news) have been suspended from trading again after the struggling lender issued a new warning over its funding woes. The statement sparked a 17% dip in the value of its previously flogged stock, hitting new record lows, as it runs out of time to meet a European Central Bank deadline of the year's end to raise €5bn from investors through the sale of new shares. A request for a time extension from the European Central Bank was rejected almost two weeks ago initiating a stock suspension then and raising fears it would have to go cap in hand to the Italian government for a rescue.