October 18, 2016 / 3:31 PM / in 2 years

Ex minister to be heard by Consob over alternative Monte Paschi plan-source

MILAN, Oct 18 (Reuters) - Former industry minister Corrado Passera will explain his alternative rescue plan for Monte dei Paschi di Siena to Italian market watchdog Consob on Tuesday, a source close to the matter said.

Passera’s plan represents a challenge to a JP Morgan five-billion euro ($5.5 billion) recapitalisation scheme for the Tuscan lender that appears to have stalled because of scant investor interest.

Monte dei Paschi’s board was meeting to examine Passera’s plan and was expected to issue a statement later on Tuesday. ($1 = 0.9105 euros) (Reporting by Paola Arosio, editing by Silvia Aloisi)

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