Monte dei Paschi's troubles never end. In the supplement for the conversion of subordinated bonds released today after Consob's approval, we read that: "the delay in completing the recapitalization could lead to a further deterioration of the liquidity position and a worsening of capital ratios, putting the Bank's survival at risk ”
From the same documents it emerges that the direct deposits of the Sienese bank, between 30 September 2016 and 13 December, would have fallen by 6 billion euros. The situation becomes even more worrying if the reference time frame is narrowed, starting from 4 December. From the day of the constitutional referendum in which citizens rejected the reform wanted by the Renzi government, Mps' commercial direct deposits suffered a reduction of 2 billion euro.
"'This outflow - reads the documentation - is to be correlated both to unpredictable commercial pressures, due to the climate of uncertainty regarding the possibility of concluding the operation, and to predictable seasonal components (fiscal deadlines)". The institute does not even exclude that "the amount of outflows could further increase, in the short term, due to the effect of both components mentioned".
The data relating to funding is worse than that assumed in the new business plan. In fact, the document states that by the end of 2016 funding could be 3 billion less than the amount envisaged in the Plan.
After the publication of the news, the MPS stock, positive until mid-day, reversed course and at 15.40 pm it yields 1,98% to 20,25 euros, only to recover in the finale.
We remember that Consob yesterday approved the supplement relating to the voluntary takeover bid that MPS announced last November 14 on subordinated bonds held by retail. Membership has been extended until 14 pm on 00 December. The capital increase, on the other hand, will start on Monday 21 December.
