BMPS: Additional Capital Needs Put Dent in Italian Government's Exit Plan
On November 5, 2020, Banca Monte dei Paschi di Siena SpA (BMPS or the Bank) announced a future revision of their capital plan on the back of additional capital needs. This announcement follows the conviction on October 15, 2020, of the Bank's former executives of market-rigging and accounting fraud and the subsequent provisions of around EUR 400 million booked in Q3 2020 by BMPS to cover legal risks. These provisions triggered the Bank's third consecutive loss in Q3 2020 and came on top of the capital depletion that would be generated following the Bank's planned disposal of around EUR 7.5 billion of Non-Performing Exposures (NPEs), scheduled to take place by December 1, 2020, and still pending final European Central Bank (ECB) approval.
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