ROME (Reuters) – The board of Monte dei Paschi di Siena is anticipated to fulfill on Monday to approve a plan to cut back its burden of dangerous loans, a supply acquainted with the matter mentioned, with out giving additional particulars.
Every day Il Messaggero reported that underneath the plan the Tuscan lender would offload 8.9-9.zero billion euros ($10.10 billion) in gross impaired loans at internet value of 4.2-4.three billion euros.
The paper mentioned the bank would de-merge the impaired loans along with 1-1.1 billion euros in fairness and three.2 billion in debt from a five-year loan granted by JPMorgan and UBS.
Italy’s Treasury, which owns 68% of Monte Paschi, has been looking for to assist it cut back impaired loans to round 5% of whole lending to make it a extra a lovely merger accomplice, with out imposing extreme losses on the delicate bank.
(Reporting by Valentina Za, writing by Gavin Jones)