MILAN Dec 29 Italy's Economy Minister said on
Thursday that the ECB's recent request to Monte dei Paschi
to plug a capital shortfall of 8.8 billion euros will
lead the lender to be "hyper-capitalised" but not
"over-capitalised", in an interview with Italian daily Il Sole
Pier Carlo Padoan said the government's rescue of the
country's third biggest lender will set an example for future
similar banking problems in the rest of Europe.
He added that the a delisting of the bank was not on the
agenda and hoped that its shares - suspended from trade last
week - would resume trading as soon as possible.
Padoan said that the ECB's decision on Monday to raise the
ailing bank's capital shortfall to 8.8 billion euros ($9.2
billion), up from a previous 5 billion euro gap estimated by the
bank, could not be contested.
But he added that it would have been "useful, if not kind"
if the criteria used by the central bank to make the assessment
had been explained in more detail.
Following the government-led recapitalisation - whose timing
would be dictated by the lender's industrial plan - Padoan said
that Monte dei Paschi's board would be reconsidered, but that no
questions would be raised over the role of Chief Executive Marco
Morelli. ($1 = 0.9561 euros)
(Reporting by Giulia Segreti, editing by Isla Binnie)