(Adds EU Commision saying review of plan to start)
MILAN/BRUSSELS, June 18 Banca Monte dei Paschi
di Siena, Italy's third-largest lender, has sent a
restructuring plan to the European Commission and will release
details of the plan after the Commission has approved it, the
bank said on Tuesday.
The plan, approved by the bank's board on June 13 and sent
to the Commission on Monday, is a necessary step to win the
European Union's approval for loans from the Italian state.
A spokesman for the European Commission said it would
examine whether the plan complies with EU rules, but declined to
give any details including on timing. The Commission's review is
expected to take at least two months to complete.
The bank, at the centre of a probe into risky derivative
trades, was forced to take 4.1 billion euros ($5.47 billion) in
state loans under Italy's previous government of Mario Monti in
order to stay afloat.
(Reporting by Stephen Jewkes and Francesco Guarascio; Editing
by Greg Mahlich)