MPS STILL DOWN -6,7%. 20% OF THE VALUE BURNT FROM MONDAY. AT THE INVESTOR DAY IN NOVEMBER THERE WAS NO TALKING ABOUT ALEXANDRIA
The landslide of Rocca Salimbeni does not stop. Now, after an initial postponement due to excessive downtrend, the stock is worth 0,2375, down 6,73% compared to yesterday's closing, Siena's Black Tuesday in which 267 million capitalization was burned. In three days, Mps lost about 20% of its value, nullifying the effects of the rally that started on January 7, when the "soft" application of the Basel III capital requirements was decided.
But that brief season of increases threatens to be today one of the many boomerangs destined to rebound on the Sienese fortress in tomorrow's assembly. How is it possible, it is assumed that the derivatives in the crosshairs were only discovered by the new management in October? And why, in any case, when the data for the first nine months were presented to the market on 14 November last year, was there no reference to any possible news on the accounts?
Of course, from an accounting point of view, the situation seems to be under control. Discounted losses on structured transactions implemented by Monte dei Paschi are around 720 million euros, as stated by the managing director Fabrizio Viola in an interview with the newspaper The messenger, specifying that these are losses "in fact already included in the restructuring operations in progress" or already covered by Monti-bonds for an additional 500 million requested from the Treasury in November, when the situation was already known in the bank but not on the market.
This circumstance casts a suspicious light on the rally which, since the beginning of 2013, had caused prices to soar from 0,22 to 0,30 euros and beyond. And it explains why, despite the fact that the fundamentals do not justify new falls, the market trusts little or nothing. Also because the tension, exactly one month after the vote, rises. And the threat of liability action against Giuseppe Mussari or the former general manager Antonio Vigni, the man who kept the real contracts with the counterparts in Santorini and Alessandria in the most confidential vaults, is not enough to appease spirits.
The current leaders of the institute will take the field against them. “To the extent that there are extremes to protect the bank's asset value, we will certainly move.' Thus the president of Banca Monte dei Paschi di Siena, Alessandro Profumo, replied to Tg1. “We are doing all the necessary analyzes to understand who did what,” Profumo explained.
The Foundation will also move, regardless of the ridicule. "The action will be evaluated as soon as all the elements and the dynamics of the facts are available as well as the actual impact on the bank's accounts", he specified in Rocca Sansedoni where the last months of the government of Gabriello Mancini, the former DC paramedic, are consumed and ex Margherita who in 2006 replaced Mussari who in the meantime, after five years as a major shareholder (in which the landing at affection prices in Banca 121 was endorsed, including the For you policy scandal) took over the leadership of the institute. Difficult that that 'duty', as defined by the former mayor Franco Ceccuzzi, candidate for the seat in the next elections, will be enough to save the current top management of the Foundation. After all, Beppe Grillo's Five Star movement has something to say about Ceccuzzi: “It is Ceccuzzi himself – reads a friendly blog – who at the time, in blessing the Padua operation, declared that 'Banca Antonveneta has always been the soul mate of Banca Monte dei Paschi' [...]. In the past it was right to preserve Banca Mps from bad business while waiting for the real opportunity for growth, which the president Giuseppe Mussari has identified”. A good way to prepare Beppe Grillo's arrival in Siena tonight for the tsunami in the square, a preview of tomorrow's assembly tsunami, when Mps will steal the stage for a rancorous political current situation from the various Santoro and Floris.
Lastly, but not in order of importance, the very harsh position taken by the Bank of Italy, with an unusual official statement, states that "the true nature of some operations concerning Monte dei Paschi di Siena reported by the press only recently emerged , following the discovery of documents kept hidden from the supervisory authority and brought to light by the new management of Monte Paschi”.
“The operations – continues the note – are now under the attention of both the supervisory authorities and the judicial authority, in full collaboration. In-depth analyzes and investigations are covered by official secrecy and preliminary investigation secrecy”. Only on the occasion of the collapse of Banco Ambrosiano in the XNUMXs did such harsh words emerge from via Nazionale against the directors of a credit institution. This time, however, the man who until three days ago sat at the top of the Abi is also in the crosshairs. It is no coincidence that Via Nazionale underlines that "in recent months the top management of MPS have been renewed" and concludes by stating that "the new directors are cooperating with the judicial authority and with the Bank of Italy to ascertain the past circumstances".
Will such intransigence be enough to appease spirits? Easy to answer no. Even if it is easy to remember that Italy cannot afford the luxury of a Lehman Brothers mishap for the tribunes in search of easy consensus who compete to attack the government committed to defusing the Monte mine.
