Monte Paschi restructuring plan cleared by EU regulators
27 Nov, 2013
Italian bank Banca Monte dei Paschi di Siena (MPS) is to undergo a huge restructuring plan to offset a multi-billion-euro bailout.
According to Reuters, EU Commissioner Joaquin Almunia said: “The restructuring plan of MPS will allow the bank to return to viability by addressing the problems that led to its difficulties.
“Our decision should ensure that the State capital will be repaid to the benefit of the Italian taxpayers.”
A capital increase of at least 2.5 billion euros and capping managements pay will be part of the overhaul for the loss-making of the Italian bank.