The rejection of MPS by the ECB in November 2019
“The cda did not develop measures times to improve the general framework of risks and related controls “. “The council has not had a so far leading roleabove all in supervising and questioning the strategy and managerial choices, including the provisions“. “The checks revealed a concentration of the assignments on two external lawyers in the 2017/2018 (76% of total criminal proceedings) “. Final judgment:” Overall, the management of legal risks of Mps it is unsatisfactory “. These are some extracts fromOn-Site Inspection Report of the ECB on Monte dei Paschi di Siena that Truth & Business has published exclusively. A complex and ruthless analysis of the legal risks that are run. Among other things, the result of an outdated analysis November 5, 2019. At the time, the possible request for compensation amounted to 10 billion, then dropped to “only” 6 due to a settlement agreement by the Foundation.
We remind you that Mps participated in the 64% from the Treasury and will need a recapitalization between the 2.5 and 3 billion euros to be then put on the market, hoping someone wants her. The negotiation with Unicredit has been skipped, at least for now, the group of suitors it is not very wide. Unipol has called itself out, despite having said it is ready for any market opportunity. Meanwhile, we await the presentation of the industrial plan that the new CEO Luigi Lovaglio will have to dismiss in the coming weeks. A strategic document that will also have the redundancy node, with the unions already on a war footing.
The three risks that Mps runs
In the same document of the European Central Bank there is also a heavy criticism of the work of Alessandro Profumo and Fabrizio Viola, once president and CEO of the oldest bank in the world. The credit institution, in fact, had chosen not to appear in court and therefore not to set aside even a cent. But, as he points out Truth & Business, the legal risks of Mps are a real bomb on which the Rocca sits. “And to understand it – they write in the newspaper published by Belpietro – just remember and connect three facts, in addition to the aforementioned authorization of the ECB for the next capital increase. The first is that in its timely and exhaustive information to the Parliament of last August 4, the Minister of Economy, Daniele Franco, had not provided any figures on the legal dispute of Mps. The second is that from the perimeter of the accounts that Unicredit was able to study in its data room, before withdrawing from the Siena bailout at the end of October, the extraordinary legal risks they were excluded from the start (the Milanese bank would not have hired them anyway). The third fact is that in Siena the board of directors and managing directors pass, but the head of legal affairs of the bank is always the same and is the lawyer Riccardo Quagliana, hired in January 2013 by Alessandro Profumo“.
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