And finally someone from the government talks about the Mps case: “To date it appears that only the Apollo Fund has requested access, further subjects interested in accessing the ‘data room’ will in any case be communicated by the bank in compliance with the transparency obligations imposed by the regulations on the financial markets “. Thus the Deputy Minister of Economy, Laura Castelli, commented on the Monte dei Paschi dossier, based on what emerges from the unsecured content of yesterday’s hearing, which was called by the Parliamentary Commission of Inquiry on the banking system. The hearing focused on the Sienese bank’s outlook, specifying that there are “ongoing discussions” between the government and the European Union regarding those commitments that Italy had made with Brussels, when it received the green light to enter the capital of Mps, becoming its largest shareholder. Castelli stressed in particular that in Brussels “they are waiting to know whether or not the hypothesis of an aggregation materializes”: the hypothesis or the structural solution to which Monte di Stato has decided to give priority, compared to that ‘capital increase of 2.5 billion euros on which the ECB itself, a few weeks ago, wanted to have more clarifications. In response to the letter from the European Central Bank, MPS reiterated that any capital increase operation represented a subordinate option with respect to the pursuit of the structural solution ”. But what structural solution, if UniCredit continues to show no interest, at least officially, in Mps, given that, in his case, the priority – dictated by CEO Andrea Orcel – bears the name of Italy and of organizational and commercial?
Il Sole 24 Ore recalls the Dpcm of October 2020, according to which the fate of Mps should be decided “by the end of the year and the exit of the Treasury from Rocca Salimbeni at the latest by April next year, when the 2021 accounts are approved” . In between there is also the opportunity to use the tax bonus on Dta. But politics, in the case of the Sienese bank, is always present and yesterday the president of the bicameral, Carla Ruocco, said that “it is not the time to sell off an important banking company like Monte dei Paschi”.
Corriere della Sera writes today that “the merger with UniCredit is always at stake, which the government could favor with a further reduction of legal risks (after the agreement with the Foundation which reduced by 3.8 billion u 10 totalio i legal risks), even if UniCredit would have asked for new counterparts linked to NPLs (or impaired loans). In the event that the marriage is not possible, the state could ask the EU to postpone the deadline for the sale of MPS beyond the current deadline of 31 December. And the Corriere, reporting the words of Carla Ruocco, underlines that the hyporesis of the postponement “would like the League but also (precisely) the Cinquestelle”.
Mf-Milano Finanza also today dedicates an article to Mps: “Mps, the Mef offer is ready”, in which he writes that the Treasury’s proposal to Orcel is ready, even if the government is also studying the extension. On the other hand, “UniCredit remains very lukewarm”.
“In short, the game remains uphill, even if the Treasury is convinced that it will be able to reach an agreement by the summer. After all, the alternative to privatization would be to ask the EU for an extension for the exit. In this scenario, Rome could get an additional 18-24 months to settle the bank and identify the most suitable interlocutor. The cost, however, would be the payment of additional capital into the Sienese institute which in the coming months could require its main shareholder an increase of approximately 2.5 billion “