Thursday 24 November will be a day of crucial importance for the Italian banking sector, after the heavy losses suffered in Piazza Affari over the last few weeks.
All eyes will be turned towards Siena, where the managing director of Monte dei Paschi, Marco Morelli, will submit to the shareholders' meeting the rescue plan of the Tuscan institute, a recapitalization operation for a total of 5 billion euros. On that occasion, numbers will be fundamental. For the meeting to be valid, the presence of shareholders representing at least 20% of the share capital will be required. Accounts in hand, it will not be easy, adding up the main shareholders (Treasury with 4%, Axa with 3,1%, Alessandro Falciai with 1,8%, Mps Foundation with 1,5% and Fintech with l '1,3%) we arrive at 11,7%. On the basis of the latest news published by Ansa, the 20% quorum should be reached, not without difficulty, thanks to the contribution of foreign funds which have transferred their powers to the lawyer Dario Trevisan, representative of institutional investors in various assemblies of listed companies.
But November 24th will not only be important for Monte dei Paschi, but also for at least three of the four Good Banks, Banca Marche, Popolare Etruria and Carichieti for which the transfer operations to the Ubi group have come to life.
On Thursday, the Supervisory Board of the European Central Bank will examine the proposal presented by CEO Victor Massiah. Among the issues to be resolved, the one relating to the Rwa undoubtedly stands out, i.e. the risk-weighted assets, for the evaluation of which the bank requests the recognition of its internal models.
Another question to be addressed will be that of the capital ratios that Ubi will have after the acquisition. Not to mention the time issue. As reported by the Corriere della Sera, “It seems in fact that in the year that has passed since the “rescue” the uncollectable loans in Banca delle Marche's portfolio have increased by approximately 600 million out of 2 billion of loans. Figures which, if confirmed, would highlight the urgency of an intervention”.
