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Italian Treasury set for bigger stake in Monte Paschi-source
November 22, 2012 / 2:45 PM / 5 years ago

Italian Treasury set for bigger stake in Monte Paschi-source

ROME, Nov 22 (Reuters) - The value of new shares that Banca Monte dei Paschi di Siena will issue to the Italian Treasury if it cannot pay interest on government loans will be close to market prices, a source close to negotiations between Italy and the European Commission told Reuters on Thursday.

That would give the Treasury a bigger stake in the bank than under a previous state aid scheme, which said the value of the new shares would be based on the bank’s net assets.

Monte dei Paschi, Italy’s third biggest lender, has requested 3.4 billion euros ($4.4 billion) in state aid.

The EU Commission has to give its approval.

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