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Italy's 5-Star opposes paying JP Morgan fees if MPS capital hike fails- deputy
December 15, 2016 / 3:11 PM / 9 months ago

Italy's 5-Star opposes paying JP Morgan fees if MPS capital hike fails- deputy

ROME, Dec 15 (Reuters) - Italy’s anti-system 5-Star Movement opposes paying fees to U.S. investment bank JPMorgan if a capital hike it is co-arranging for Banca Monte dei Paschi di Siena fails, one of its deputies said on Thursday.

“We will not pay fees to JPMorgan if the market plan should fail,” 5-Star deputy Alessio Villarosa said during a news conference at the lower house of parliament.

The country’s biggest opposition party has no power to decide whether the fees are paid. Five-Star has said the state should step in to rescue Italy’s third-biggest lender.

Monte dei Paschi is making a last-ditch bid to raise 5 billion euros ($5.22 billion) by year-end through a new debt swap offer and a share issue. If the plan fails, it is expected to need state support. ($1 = 0.9582 euros) (Reporting by Gavin Jones, writing by Isla Binnie, editing by Steve Scherer)

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