For Monte dei Paschi the exam is not over yet, but after the numerous vicissitudes of the last few months, the road could be downhill. To arrive at a solution on the Veneto banks instead, we will have to wait for the verdict of the European Commission, even if the merger could be the answer to today's difficulties.
This is the summary of what was stated today by the head of the European supervisory body, Danielle Nouy during the annual press conference in Frankfurt on the activity of the new European Union authority.
As for Mps, Nouy uses words that in Siena sound like reassurances: “The judgment on solvency is the starting point for the precautionary recapitalization by the State. It's already done otherwise we wouldn't be here to talk about it”.
On the Monte dei Paschi case however, according to what has been explained, there has been and continues to be a constant dialogue with Brussels. On the recapitalization – concluded Nouy, “I expect a prompt response from Brussels”.
On the other hand, the path towards the salvation of the Veneto banks is more complicated: “We have already shared the information with the European Commission. The ball is in the hands of Brussels. It is no secret that they have called for a precautionary recapitalisation. We are exchanging information and the plan includes the possibility of a merger."
Despite this, the head of ECB Supervision does not close the door to a possible agreement: "After the precautionary recapitalisation, in this context, there is a plan that could involve private individuals", i.e. the Atlante Fund, which however is not currently seems too inclined to finance the rescue of the two Venetians.
In the meantime, eyes remain focused on tomorrow's deadline, March 28, the day on which shareholder settlement offer expires of Banca Popolare di Vicenza and Veneto Banca, within which the top management of the two institutions hope to reach the objective of 80% adherence to the proposal which envisages a cash payment against the waiver of legal action against the banks. Only after the closing of the operation will the councils be able to calculate exactly how much money is needed for the capital increase which should be around 5 billion in total.
