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Monte Paschi aims to wean itself off the state

Wednesday, June 27, 2012 - 04:08

June 27 - The world's oldest bank Monte dei Paschi di Siena is bailed out by the Italian government. Chairman Alessandro Profumo sets out its restructuring options.

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Kennedy I'm here today we damage from the report chairmen on -- wanted -- fast -- back. Which has just unveiled at tough restructuring plan and that -- is -- one point five billion euros state plans. He's a proforma it's -- -- -- and safe place to invest now. For sure yes this sense that we have a significant recession and as he had a chance. Said. -- plan that would be the man who -- new management team and they need more time. And we are sure that that we can achieve our results as we have seen is that very conservative plan that we could actually -- -- -- -- Eight me even more significant reduction of calls so we have already identified the pre q.s for the work. Cost. We will not be easy. It's the -- all of us. We are sure that that we are able to achieve that sent the case. Given current intentions and in unison and you've spent -- -- Italian banks to maybe need to. And send us sort of found state take them to ask if they -- First of all I wanna say one thing which is very very important element of happy that he's only related -- effects that give us a color Monfils fought so we got this going on -- on both audio. That bank should it can become invades significant yet if that and you. You mean require. So we should beep -- they've all that 9% that pricing him from the I think clearly. We -- power plant we. I'm speaking loans that -- you also describe them. I don't teams it's that it and banks that we -- in a situation where of their eventual shortfall walls related to the bombed a powerful collar bomb put -- -- Have to say is it to have more things that to be focal some of the fastest time I'll. Interest what do that and -- how they campaigns that we have to. Norris facts along the basket and that's more thing that. And this state on sat home are expected to be. My picks and see if and -- then do you think can want to ask you were being positioned to stop again with traditional -- and. Pain need glamorize them we things that -- did you go to distribute. As long feud and community tour across the country that raises the -- yards in any case. He also spoken and vowed to capital increase of one million -- what kind of investors and hoping to attract. We are hoping -- -- prime that's that's a pretty messed things yeah my own version all we. We have it why we've asked it was -- gentlemen -- today -- because he agrees that we go. Writes. So usually. When that's that's kind of situation obviously and if I. Investors said that about capable tool by a significant cultural I hope he's happy -- it'll. But capping that -- -- we've heard quite a week -- union gives you glamorize them. That would be so important if you can device that's kind of the -- -- us today we've done that and you. -- -- -- -- -- -- -- -- Given the current circumstances is -- today asking de -- In the hands of distinct. Is that the fact that the end of this state we leased -- now we let. You go back to be completely privately managed. And -- he's already manage. -- -- we have privately. This is planning this short yet but we can be a game. Completely independent from. Stayed. From Garmin. It's important.

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Monte Paschi aims to wean itself off the state

Wednesday, June 27, 2012 - 04:08