Silvia's Feed
Jun 25, 2012

Italy’s MPS races against time to plug capital gap

MILAN/ROME (Reuters) – Italy’s Banca Monte dei Paschi di Siena is racing against time to win regulatory approval to sell least 1 billion euros ($1.25 billion) of bonds to the government to plug a capital shortfall by the end of June.

Sources close to the situation told Reuters at the weekend that the world’s oldest bank was in close talks with the Treasury and the Bank of Italy for a capital fix that would make it the first Italian bank to resort to state aid since 2010, when the euro zone crisis deepened.

Jun 23, 2012

MPS in talks to issue 1 billion euros of govt-backed bonds – sources

ROME/MILAN (Reuters) – Italy’s Banca Monte dei Paschi di Siena (BMPS.MI: Quote, Profile, Research) is in talks with the Treasury and the Bank of Italy about issuing at least 1 billion euros (806.8 million pounds) of government-backed bonds to plug a capital shortfall, two sources close to the matter said on Saturday.

If the Treasury and the Bank of Italy give the go-ahead, Italy’s third biggest lender would become the country’s first bank to resort to state help as the euro zone debt crisis deepens.

Jun 23, 2012

MPS postpones board meeting on new plan to June 26

MILAN/ROME, June 23 (Reuters) – Italy’s third-biggest
lender, Banca Monte dei Paschi di Siena, has postponed
by a day to June 26 a board meeting set to approve its new
business plan as it races against time to plug a capital
shortfall by end June.

Citing “organisational reasons”, Monte dei Paschi said in a
statement the plan would now be presented to analysts on June
27. It is the second time that the board meeting and the
presentation, which had initially been due for mid-June, have
been postponed.

Jun 22, 2012

Monte dei Paschi shares rise on capital hopes

MILAN/ROME (Reuters) – Shares in Banca Monte dei Paschi di Siena (MPS) (BMPS.MI: Quote, Profile, Research, Stock Buzz) rose as much as 10 percent on Friday, with traders citing hopes that Italy’s third-biggest lender will not need to tap the market to bolster its financial strength.

Monte dei Paschi, which will update investors on its capital-strengthening plans next week, must plug a 3.3 billion euro ($4.2 billion) shortfall by June 30 to meet tougher capital rules set by the European Banking Authority (EBA).

Jun 22, 2012

Capital gap to overshadow MPS business plan

MILAN/ROME June 22 (Reuters) – Concerns over capital are set
to overshadow Banca Monte dei Paschi di Siena’s new business
plan next week, with Italy’s third-biggest lender expected to
announce a focus on its retail business and fewer loans to
offset deposit outflows.

MPS (BMPS.MI: Quote, Profile, Research), the world’s oldest lender, must plug a 3.3
billion euros ($4.2 billion) shortfall by June 30 to meet
tougher capital rules set by the European Banking Authority.

Jun 20, 2012

Libya eyes refund of Goldman, SocGen losses

MILAN (Reuters) – The Libyan sovereign wealth fund is investigating investment losses of $1.75 billion on structured products managed by Goldman Sachs (GS.N: Quote, Profile, Research, Stock Buzz) and Societe Generale (SOGN.PA: Quote, Profile, Research, Stock Buzz) to see whether it can claim compensation, the fund’s chairman said on Wednesday.

Mohsen Derregia, chairman of the Libyan Investment Authority (LIA), told reporters in Milan that the LIA needed to review these investments and how they were managed.

Jun 8, 2012

Insight: Vatican bank-money, mystery and monsignors

VATICAN CITY (Reuters) – For a financial institution whose ATMs offer Latin as a language option, whose offices are below the pope’s windows and where tellers work under the gaze of crucifixes, one might assume the Vatican bank would have a dispensation from earthly travails.

But new judicial woes and internal upheavals at the bank, officially known as the Institute for Works of Religion (IOR), have raised new hurdles for the Vatican, just as it entered the final stretch of years of efforts to join the international club of financial righteousness.

Jun 8, 2012

INSIGHT:Vatican bank-money, mystery and monsignors

VATICAN CITY, June 8 (Reuters) – For a financial institution
whose ATMs offer Latin as a language option, whose offices are
below the pope’s windows and where tellers work under the gaze
of crucifixes, one might assume the Vatican bank would have a
dispensation from earthly travails.

But new judicial woes and internal upheavals at the bank,
officially known as the Institute for Works of Religion (IOR),
have raised new hurdles for the Vatican, just as it entered the
final stretch of years of efforts to join the international club
of financial righteousness.

Jun 6, 2012

Scandal-hit Vatican says restoring trust will take time

VATICAN CITY (Reuters) – It will take time to restore trust within the walls of the Vatican and ease the pain caused by a leaks scandal that led to the arrest of Pope Benedict’s butler, the pontiff’s spokesman said on Wednesday.

“Clearly to restore a climate of serenity and trust is a process, it is not something that can be solved in a few days,” said Father Federico Lombardi, the Vatican’s chief spokesman.

Jun 5, 2012

Vatican prosecutor interrogates papal butler

VATICAN CITY (Reuters) – A prosecutor began interrogating Pope Benedict’s butler on Tuesday to decide if he should stand trial in what would be one of the most sensational court cases ever in the Vatican.

Prosecutor Piero Antonio Bonnet questioned Paolo Gabriele in the presence of his two lawyers and Nicola Piccardi, another Vatican judicial official known as the “promoter of justice”.