Benvenuto sul sito del Ministero dell’Economia e delle Finanze, conosciuto anche come Portale mef

Contenuto principale

- MPS: the restructuring plan has not been rejected, Italy and the Commission continue their dialogue

Press release N° 127 of 07/29/2013

With reference to the article on the content of a letter of the Vice President of the European Commission Joaquín Almunia to the Minister of Economy and Finance Fabrizio Saccomanni, published by correspondents in Bruxelles for a financial newspaper, the Ministry of Economy and Finance (MEF) recalls that the procedure to grant State Aid to Banca Monte Paschi di Siena (MPS) was started during 2012, and that the intention to subscribe hybrid financial instruments issued by MPS was communicated to the Commission on December 7th 2012. On December 17th 2012 the Commission authorized the operation, which was concluded on February 28th 2013. The Commission’s temporary authorization was however contingent upon the presentation of a restructuring plan for MPS, which the MEF notified on June 17th 2013.

The examination of the restructuring plan by the EU Commission is going on in a context of mutual cooperation with the Italian institutions.

The letter commented upon in the article is not part of an infringement procedure, but belongs to the context of an informal dialogue between the MEF and the EU Commission, which normally occurs within the procedures to verify the compatibility of public financial support with the European framework on State Aid.

The exchange of views is still on-going and it has not stopped on July 17th when the published letter was in fact written. From Italy’s perspective, the aim is to better analyze the requests made by the Commission, to give further details on the plan and evaluate different options.

Circulating partial and potentially misleading information can easily confuse public opinion and create uncertainties on the financial markets, which are not justified in a still interlocutory stage of the negotiation.

Rome 07/29/2013

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