In the night came the final message that the Italian state intervenes to save krisebanken Monte dei Paschi di Siena.
It happens after the loss the bank is not able to travel sufficient new equity on your own.
The Italian government has decided to make use of a private bankredningsfond of 20 billion euros to ensure that the bank, which is considered the world’s oldest bank, can keep him afloat.
Italy with the rescue package for the world’s oldest bank
It means that the deposits in the bank are safe, but unlike most other european countries, there are thousands of Italian small savers who now risk losing their life savings.
in Italy it is common that the small savers have placed their money in bank obligations.
18,2 billion on the games
The Italian government confirms in the night that they will follow the EU requirements that the bond debt in the bank shall be converted to shares as part of the government rescue operation, according to The Guardian.
These bonds will later be converted to new bonds with lower security.
According to the BBC, it is estimated that Italian small savers owns bonds of Monte dei Paschi di Siena for two billion euros.
It implies that small savers can lose up to 18.2 billion Norwegian kroner, after today’s course.
How much of this ends up as a loss to the end, however, is not clarified.
When it comes to what happens with the bondholders, so we’ll see what happens. It will eventually be decided by Brussels, ” says analyst Wolfango Piccoli of Teneo Intelligence to the Guardian.
Common in Italy
It is not only in the Monte dei Paschi di Siena Italian small savers owns the bonds. The Wall Street Journal wrote in the summer that småinvestorer total owner Italian bankaksjer for 187 billion euro.
Italy prepare krisepakke to banks: Will use up to 180 billion
the Monte dei Paschi di Siena started work to bring in new equity before the referendum on the grunnlovsendringer 4. December.
The Italian people said no to the changes, something that a part was seen as a step away from integration with the other EU countries.
the voting results made it more difficult for Monte de Pashi di Siena to travel equity and now leads to that the EU rule that the bondholders have to take losses is effected in Italy.
It is also applicable for the Italian state to apply for a loan from the European union’s krisefond ESM to rescue the country’s banks. It may be relevant because it is assumed that several Italian banks need to be rescued by the state in the coming months.
A loan from the ESM will, however, be given with conditions that may be seen as that Italy produces sovereignty to the EU in the economic policy.
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