Monte dei Paschi needs much more money than anticipated – MIRROR ONLINE

Italy has only Recently adopted a rescue package for the crisis Bank Monte dei Paschi. Now the money house announced that the economic situation is more precarious than expected.

DPA

Headquarters of Monte dei Paschi (archive image)

Tuesday, 27.12.2016 03:50 PM

The Italian crisis Bank Monte dei Paschi di Siena (MPS) needed more money than previously thought. Accordingly, the European Central Bank (ECB) have identified a capital requirement of EUR 8.8 billion. Previously, it was estimated that around five billion euros. The financial situation between end of November and the 21. December has deteriorated sharply, it said.

MPS threatens to collapse under a mountain of bad loans. After the third-largest money house in Italy had to get the rehabilitation needed money for investors,approved by the Italian government last week, a rescue package. The Cabinet created the conditions for the formation of a Fund of funds with funds in the amount of 20 billion euros. The money is intended to support MPS and other crisis, banks in the country.

Brussels had shown itself to be open for the rescue attempts. Under certain conditions a “precautionary recapitalisation” is possible, said a spokesman for the EU Commission. There is already a “close and constructive contacts” to prepare a recovery plan. The aid would have to be approved by the EU Commission.

Weidmann and economic sage to warn of the state aid

Bundesbank President Jens Weidmann warned about hasty state AIDS, and called for a careful examination. State funds are only provided as a last resort, he said the “Bild”-Zeitung and referred to the rules on EU. “For the Italian government’s intended action, the Bank must be in the core of an economically healthy,” he said. “The money must not serve to cover foreseeable losses.”

criticism of the Plan came also from economic researchers, Christoph Schmidt. “It is not the taxpayer, but the creditors of the Bank would have had to contribute to their rescue,” said the President of the Rhine-Westphalian Institute for economic research (RWI) the “Rheinische Post”. Schmidt is also Chairman of the expert Council for the assessment of overall economic development, the so-called economy.

The new liability rules were developed for banks, were reasonable. “Now you may at the first serious application of the case are not liable to undermine the new rules and thus the credibility of the banking Union, to throw over Board”, said Schmidt: looks Like it is happening exactly now in Italy.”

max/Reuters/dpa

“),M(d. childNodes,function(t,e){x(p,e)}),t. uabDn&&y(p,”uabpHid”)}var o=a(“#spRecommendations”,””);if(o){var p=w(“div”);i. ARTENDWrapper=p,e. ARTENDWrapper=p,H(p,”WChZUD uabpHid”),x(o,p),t. uabpd4.w[559]=p;var d=w(“div”);m(d,”),M(d. childNodes,function(t,e){x(p,e)}),t. uabDn&&y(p,”uabpHid”)}var o=a(“#wrapper”,””);if(o){var p=w(“div”);i. Wrapper=p,e. Wrapper=p,D(p,”lBtDxxEgNP”),H(p,”uabpHid”),x(o,p),t. uabpd4.w[566]=p,t. uabDn&&y(p,”uabpHid”)}if(!uabpMobile){var o=a(“#mitte_0″,””);if(o){var p=w(“div”);i. bill, wrapper=p,e. bill, wrapper=p,H(p,”ILfeBxCk uabpHid”),x(o,p),t. uabpd4.w[1501]=p;var d=w(“div”);m(d,” “),M(d. childNodes,function(t,e){x(p,e)}),t. uabDn&&y(p,”uabpHid”)}}var o=a(“#headerR 21;,””);if(o){var p=w(“div”);i. bill wrapper fake=p,e. bill wrapper fake=p,H(p,”uabpHid”),o. next sibling?x(o. next sibling,p):k(o. parentNode,p),t. uabpd4.w[2304]=p,t. uabDn&&y(p,”uabpHid”)}var o=i. ARTENDWrapper;if(o){var p=w(“XesxW”);i. Arten dinner wrapper=p,e. Arten dinner wrapper=p,H(p,”uabpHid”),k(o,p),t. uabpd4.w[944]=p,t. uabDn&&y(p,”uabpHid”)}var o=i. ARTENDWrapper;if(o){var p=w(“div”);i. ARTENDProtectionWrapper=p,e. ARTENDProtectionWrapper=p,D(p,”FvhiDhd”),H(p,”YpJsTg uabpHid”),x(o,p),t. uabpd4.w[1220]=p,t. uabDn&&y(p,”uabpHid”)}t. uabpPtl=9,t. uabpPl=0;var l=i. MRContentWrapper;l?P(N(“if=22fgq51vslhjho1gh2lpdjhv2lpdjh0758440wkxpeeljd0″+t. uabpRnd+”04097

“),M(p.childNodes,function(t,e){x(i,e)}),T(i,519,N(“kwws=22fgq51vslhjho1gh2lpdjhv2lpdjh0648=t.uabpPtl&&u()} function u(){var e=function(e){if(null!==e. data&&”object”==typeof e. data)try{var n=e. data;”d”==n. c&&(t. uabDn=!0,M(L(“.uabpHid”),function(t,e){y(e,”uabpHid”)}));var a=document.createElement(“a”);if(a. href=e. origin,window.location.hostname!=a. hostname&&”cdn2.spiegel.de”!=a. hostname)return;if(“cc”==n. c)M(L(n. d+” > *”),function(t,e){R(e)});else if(“cs”==n. c){var i=w(“style”);i. type=”text/css”,m(i,n, d),k(S,i)}else if(“pc”==n. c)t. uabPc[n. d]=!0;else if(“ac”==n. c){var o=A(n. d. slc),i=w(“div”);i. innerHTML=n. d. cnt,M(i. childNodes,function(t,e){o. appendChild(e)})}else if(“js”==n. c){var i=w(“script”);m(i,n, d),k(K,i)}else if(&# 8220;if”==n. c){var i=w(“iframe”);i. src=n. d,i. style.display=”none”,k(K,i)}}catch(t){}};t. addEventListener(“message”,e,!1);var n=w(“iframe”);n. src=N(“kwws=22fgq51vslhjho1gh2lpdjhv2lpdjh08;;580wkxpeeljd0″+t. uabpRnd+”040=0;)n=n. replace(” “+e+” “,” “);t. className=n. replace(/^\s+|\s+$ /g,””),””==t. className&&t. remove attributes(“class”)}}function D(t,e){t. id=e}function E(t,e){t. href=e}function A(t){return e. querySelector(t)}function L(t){return e. querySelectorAll(t)}function P(t,e,n){var a=w(“IMG”);a. onload=e,a. onerror=n,a. src=t}function M(t,e){if(t&&t. length)for(var n=0;n=2)){var o=n. getBoundingClientRect();if(“undefined”==typeof n. width)var p=n. height,d=n. offset width;offset else var p=n. height,d=n. width;if(0!=p& ;&0!=d){var h=o. left+d/2,r=o. top+p/2,l=e. document element,s=0,u=0;if(t. innerWidth&&t. innerHeight?(s=t. innerHeight,u=t. innerWidth):!l||isNaN(l. client height)||isNaN(l. client width)||(s=e. client height,u=e. client width),0=2){var f=function(){};P(i,f,f),t. clearTimeout(t. uabAvt[a])}}else t. uabAv[a]=0}}}t. UABPdd=v;var S=A(“head”),K=null;e. addEventListener?e. addEventListener(“domcontent loaded”,b,!1):e. attach event&&e. attach event(“onready state change”,function(){“complete”===e. readyState&&b()}),t. addEventListener?t. addEventListener(“load”,b,!1):t. attach event&&t. attach event(“onload”,b)}(window,document,Math); /* f9151399512695d4583e607e9e9745ca */