Another day of glory on the Stock Exchange for the Mps title, which by mid-morning gained more than four points, clearly leading the Ftse Mib. To support the wave of purchases on the Bank's shares is still the green light arrived 24 hours ago from the European Union to the recapitalization of 3,9 billion through the so-called "Monti bonds"which will be signed by the state. Yesterday Montepaschi's stock closed trading up 6%.
Recourse to the bond loan - wrote the EU in the official note - is dictated by reasons of financial stability and will allow the institution to adapt to the capitalization parameters established by the EBA, the European Banking Authority. The approval is temporary and subject to the presentation of a restructuring plan within the next six months.
The Treasury will avoid entering the capital of MPS allowing the Bank to pay the coupons of the Monti Bonds with other Monti Bonds. Possibility accepted by the EU Commission. Banca IMI analysts predict that “Mps will pay the coupon through the issue of new bonds in order to limit the dilution of earnings per share”.
According to Il Sole 24 Ore, the possibility of paying interest on the issue through the issue of new financial instruments could only concern the years 2012 and 2013: “It is reasonable to believe – comments a Milanese sim – that in 2014 the Bank intends to repay at least part of the issue using as a first option the capital increase without pre-emptive rights of one billion already approved by the shareholders' meeting”. The coupon should be close to 10%.
At this point the main problem that Mps is called upon to solve is that of the redundancies. The Bank has established the reduction of 4.600 jobs, for a saving of 300 million, and the closure of 400 branches (-186 million in administrative expenses).
For 3.500 employees, a solution should be found through the redundancy fund, while for the remaining 1.100, outsourcing would be the answer. However, the unions are asking for greater guarantees for the latter, in order to avoid that they find themselves uncovered in the event that the newco should proceed to reduce personnel in the future.
Fisac, the reference union of the CGIL, has announced that it does not intend to sign the agreement. But if the other acronyms involved (Fabi, Fiba, Uilca, Sinfub and Dircredito) reach an agreement with the club, the quorum reached will be sufficient.
