Mps, Almunia: capital increase over 1 billion, to be done within 12 months

Monte dei Paschi will have to make a capital increase within twelve months of the formal approval by Brussels of the restructuring plan "larger than a billion" which is the amount already approved by Siena but did not want to indicate in detail whether stretches for an increase from two billion. Among the conditions of the go-ahead for the restructuring plan is the provision that in the event that the recapitalization fails there will be - said Almunia - "the conversion of the Monti bonds". In this case it will be the nationalization of the bank and the inevitable subsequent transfer to third parties.