January 29, 2013 / 5:15 PM / in 5 years

No need to put Monte Paschi under administration- Italy econ min

ROME, Jan 29 (Reuters) - The Bank of Italy’s review of Banca Monte dei Paschi di Siena does not show a need for the troubled lender to be placed under special administration, the Italian economy minister told parliament on Tuesday.

“The regulator has given a positive evaluation of the bank, and so it does not need to be put under special administration,” Vittorio Grilli told the parliamentary finance committee.

Grilli said he had not received any specific warnings about the stability of any banks, and did not see any alarm signals concerning the wider Italian banking system.

However, he said that several bank shareholder foundations including that of Monte Paschi had not diversified risk adequately.

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