November 30, 2016 / 12:31 PM / a year ago

Monte dei Paschi still debating Fresh inclusion in debt swap, but "quite difficult"

ROME, Nov 30 (Reuters) - Monte dei Paschi di Siena is still considering the possible inclusion of a 1-billion euro financial instrument in a debt-to-equity swap currently under way, but this is looking “quite difficult” given regulatory and time constraints, the bank’s chief financial officer said on Wednesday.

In a conference call with bond holders, CFO Francesco Mele said the issue would be discussed at a board meeting on Wednesday and a statement could come later in the day.

He also said that under the plan agreed with the European Central Bank, the bank had to raise 5 billion euros, and there was no accord that would allow it to raise a lower amount.

“The transaction is for 5 billion and it has been approved for 5 billion. There is no other scenario,” Mele said. (Reporting by Silvia Aloisi)

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