Reuters logo
Monte Paschi confirms sent restructuring plan to EU on Monday
June 18, 2013 / 6:18 AM / 4 years ago

Monte Paschi confirms sent restructuring plan to EU on Monday

MILAN, June 18 (Reuters) - Italy’s No. 3 lender Banca Monte dei Paschi di Siena said on Tuesday it had sent a restructuring plan to the European Commission on Monday.

In a statement, the bank said it would release details of the plan after the EU Commission had approved it.

The plan, approved by the bank’s board on June 13, is a necessary step to win the European Union’s approval for the bank’s state loans.

The bank, at the centre of a probe into risky derivative trades, was forced to take 4.1 billion euros ($5.47 billion) in state loans under the previous government of Mario Monti to stay afloat.

$1 = 0.7492 euros Reporting by Stephen Jewkes

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below