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Italy market watchdog studying Monte dei Paschi swap request-source
December 14, 2016 / 9:01 AM / a year ago

Italy market watchdog studying Monte dei Paschi swap request-source

ROME (Reuters) - Italy’s market watchdog Consob is examining the additional information it requested Banca Monte dei Paschi di Siena BMPS.M to provide in relation to its plan to reopen a debt-to-equity conversion offer, a Consob source said on Wednesday.

A man makes a phone call near the entrance of the Monte dei Paschi bank headquarters in downtown Siena November 4, 2014. REUTERS/Giampiero Sposito

In a last-ditch attempt to raise privately the 5 billion euros (4.19 billion pounds) it needs by year-end to stay in business, Monte dei Paschi has proposed reopening the swap to target retail bondholders who could not take up the initial offer as it was deemed too risky for them.

Monte dei Paschi’s board meets later on Wednesday over the bank’s rescue plan though its chances of success are looking increasingly slim and a state bailout looms. Consob is expected to rule quickly over the request.

Reporting by Stefano Bernabei, writing by Valentina Za, editing by Paola Arosio

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