The analysis onOperation Alexandria it was undertaken “promptly and with the utmost care and diligence” and is “in the process of being completed”. It is expected that he will be able to join the MPS Board of Directors by the first half of February. This was stated by the Bank itself in relation to the press reports reported today by "Il Fatto Quotidiano".
The board of directors, continues the note, may adopt "any necessary measure to ensure, even retrospectively, the correct accounting representation of the transactions in question". Once the valuation process has been archived, the Bank will then be able to provide "a precise indication of the possible financial and economic impacts of the analyzes currently being finalised".
The Alexandria operation, as reconstructed by Il Fatto, is not dissimilar in substance from another contract that has been the subject of press leaks in recent days: Santorini. It would be a contract dating back to 2009 with which Nomura, according to the reconstruction of the newspaper, would have taken on a derivative based on risky mortgage loans, allowing Monte not to carry losses relating to this operation in the balance sheet, exchanging it for safer bonds guaranteed by Ge Capital. However, the contract with Nomura would provide for a second part with the repayment of the Japanese bank through an asset swap.
Finally, Banca Mps recalls that the 500 million increase in Monti bonds was requested "in order to ensure coverage, from a prudential point of view, of the capital impacts of any adjustments to the financial statements, as well as any costs of closing the transactions in question, if the Bank deems such closure convenient in its exclusive interest and of its shareholders".
Despite this reassurance, the Bank's stock remains in the deep red on Piazza Affari. Clearly behind the Ftse Mib, the shares leave almost four points on the field.
