March 8, 2017 / 11:32 AM / a year ago

EU assessment of Monte Paschi rescue plan makes progress -Vestager

BRUSSELS, March 8 (Reuters) - The European Commission has received sufficient information from the European Central Bank on the recapitalisation needs of Banca Monte dei Paschi di Siena to allow Brussels to move forward in its assessment of the troubled bank’s restructuring plan, the EU competition chief said on Wednesday. “For us, it has been very important to make sure we have the right basis to work from,” Margrethe Vestager told a news conference in reply to a question on Monte Paschi.

“We need the supervisor to tell us the fundamentals about the banking questions,” she said in reference to the ECB’s assessment of the bank’s capital needs carried out through the ECB’s Single Supervisory Mechanism.

“Now the Single Supervisor Mechanism has answered our questions, which will allow us to move forward,” Vestager said, dismissing speculation about a conflict between the Commission and the ECB on Monte Paschi’s rescue plan.

Monte dei Paschi asked for state support last year after failing to raise 5 billion euros ($5.3 billion) on the market to shore up its capital. But that has yet to be approved by the European Commission and the ECB. (Reporting by Francesco Guarascio; editing by Philip Blenkinsop)

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