Decision on Monte Paschi rescue soon; Vicenza and Veneto next: ECB
Reuters
Published Mar 27, 2017 06:02AM ET
Decision on Monte Paschi rescue soon; Vicenza and Veneto next: ECB
FRANKFURT (Reuters) - European authorities will soon decide on a public rescue plan for Italian lender Monte dei Paschi di Siena (MI:BMPS) and are already working on similar requests from two smaller banks, the European Central Bank's top supervisor said on Monday.
"There will soon be a decision on Monte Paschi,” the head of the ECB's supervisory arm Daniele Nouy said.
Nouy added the ECB has already begun providing information to the European Commission on a "precautionary recapitalization" request for regional Italian lenders Banca Popolare di Vicenza and Veneto Banca.
"We have already been in touch with European Commission," Nouy said.
Asked whether this may involve a merger of the two banks, Nouy said: "The European Commission is in the driver's seat on a restructuring plan."
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Written By: Reuters
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