Belgium, (Brussels Morning Newspaper) The European Commission approved Italy’s revised aid plan for Banca Monte dei Paschi di Siena (MPS).
The body pointed out in a statement on Tuesday that the revised plan replaces original commitments which were the basis for approving precautionary recapitalisation of the bank.
It reminded that Italy submitted its plan to recapitalise MPS in July 2017 and added that, under original commitments, the “bank had to implement specific measures to restore its long-term viability, minimise distortions of competition and ensure an adequate own contribution to cover losses and restructuring costs.”
Italy first amended the plan in September 2019, with the Commission noting that the country implemented some commitments in timely manner.
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