Economy Minister Pier Carlo
Padoan on Tuesday began talks with the president and CEO of
troubled Tuscan lender Monte dei Paschi di Siena (MPS),
Alessandro Falciai and Marco Morelli, aimed at drafting a
business plan including a precautional recapitalisation to
rescue the ailing bank, which is weighed down by bad loans.
The business plan is to be put to the European Central Bank
(ECB) "in the next few weeks," the economy ministry said.
The government is set to put billions of euros into MPS to
help it turn the corner after coming last in European stress
tests because of its non-performing loans (NPLs).
The precautionary recapitalisation, which aims to protect MPS
small savers, is to be negotiated with the European Commission
and the ECB over the coming months.
photo: Morelli arriving for the talks at the economy ministry
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