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Monte dei Paschi to submit business plan to ECB in coming weeks
January 10, 2017 / 5:46 PM / 10 months ago

Monte dei Paschi to submit business plan to ECB in coming weeks

MILAN (Reuters) - Monte dei Paschi di Siena (BMPS.MI) will submit a business plan to the European Central Bank in the coming weeks, the Italian Treasury said on Tuesday as it prepares to inject 6.6 billion euros ($7 billion) in public money into the ailing bank.

People use a cash machine of Monte Dei Paschi bank in downtown in Florence, Italy March 1, 2016. REUTERS/Tony Gentile/File photo

Economy Minister Pier Carlo Padoan met with the Tuscan lender’s top executives on Tuesday to start discussing the business plan.

“The ECB will need to assess the validity of the plan in relation to the need to strengthen the bank’s capital,” the Treasury said.

The EU Commission will also need to examine the plan to make sure it complies with EU rules on state aid, it added.

Reporting by Valentina Za, editing by Isla Binnie

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