Il Monte dei Paschi di Siena will not pay the coupon on fresh MPS and Antonveneta securities, ie Mps Capital Trust II Noncumulative Floating Rate Guaranteed Convertible “Fresh” preferred securities and the preferred securities Antoveneta Capital Trust I and Antoventa Capital Trust II. The sensese institute communicates it in a note, recalling that the payment dates were scheduled respectively for 30, 21 and 27 September.
The decision is in line with what Brussels had asked for, according to the content of a letter that Competition Commissioner Joachin Almunia wrote to Economy Minister Fabrizio Saccomanni in July. The letter set some stakes for the new Mps plan necessary for Europe's green light for the 4,07 billion aid destined to the Bank by the Italian Treasury. It seems that in that text Almunia also made some observations on the payment of a discretionary coupon to holders of hybrid bonds, which would be contrary to the new EU rules.
Meanwhile, tomorrow the Bank's board of directors will meet to approve the new business plan which will contain a capital increase of 2,5 billion (as the current capitalization). The bank's chief executive, Fabrizio Viola, said on Friday he believed the European Commission would set a twelve-month deadline for the deal, but added that the actual timing would depend on the market.
Il Sole 24 Ore wrote yesterday that the new plan should also sanction the closure of another 200 branches, in addition to the 400 already envisaged in the previous plan.
Today the Mps stock on the Stock Exchange came to lose a point and a half at the start, to then veer into positive territory by mid-morning.
