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Monte Paschi to defer interest payment on state loans
June 9, 2014 / 5:47 AM / 3 years ago

Monte Paschi to defer interest payment on state loans

MILAN, June 9 (Reuters) - Banca Monte dei Paschi di Siena said the Italian treasury will let it delay interest payments on state loans in light of a 5-billion-euro ($6.81 billion)share issue that starts on Monday.

Loss-making Monte dei Paschi, Italy’s third-largest bank by branches, is raising cash to partly repay state aid worth 4.1 billion euros it received last year after it was hit by the euro zone crisis and a derivatives scandal.

In a statement, the bank said payment of interests accrued on the state loans in 2013 would be postponed to Aug. 1, 2014 from July 1, 2014. ($1 = 0.7345 Euros) (Reporting by Lisa Jucca; Editing by Shri Navaratnam)

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