Legal action against the former top management and approval of the 2012 budget. These are the two fundamental points on the agenda in the MPS ordinary meeting, which opened the proceedings this morning.
In particular, the liability action will be directed against the former president Joseph Mussari and former general manager Antonio Vigni. The two managers will be challenged for the transactions on derivatives signed with Nomura and Deutsche Bank and the acquisition of Banca Antonveneta, which the magistrates are investigating.
On 17 April, the Monte dei Paschi di Siena Foundation announced its "total support" for the liability action brought by the management of MPS and therefore its favorable vote in the meeting. Meanwhile, some parliamentarians of the 5 Star Movement have asked for "a commission of inquiry into Banca MPS to shed light on certain decisions taken".
Shareholders will also need to approve the 2012 budget, closed with losses of 3,17 billion euros. Yesterday, the Codacons consumer association invited people to vote no because there would be "two billion in masked losses" in the accounts.
As he entered the meeting today, the president of the Mps Foundation, Gabriello Mancini, explained that the elimination of the statutory restriction of 4% of the capital for the Bank's shareholders is not on the agenda of the current meeting and remains "a personal opinion” of the managing director Fabrizio Viola.
The president of the institute, Alessandro Profumo, stressed instead that the refund of Bond Mountains from four billion euros it won't be simple: “I think we can do it – said the manager -, but nothing is taken for granted“. Reimbursement is "the main challenge facing the Bank" and is "the only way to maintain independence and headquarters in Siena".
In a scenario of falling revenues "due to the effect of the outside world", according to the president of MPS, the only way to give money back to the state is to increase profitability by cutting costs: "There is still a long way to go - concluded Profumo -, but we are beginning to see signs of an inversion”.
At the beginning of the afternoon, Banca Mps' share on the Stock Exchange gained more than two points.
