February 23, 2017 / 11:43 AM / in 2 years

EU Commission in talks with ECB, Italy on Monte Paschi plan

BRUSSELS, Feb 23 (Reuters) - The European Commission is in talks with the Italian government and the European Central Bank to finalise a rescue plan for Italy’s oldest and most troubled lender Banca Monte dei Paschi di Siena, a Commission spokesman said on Thursday.

Asked whether there were clashes between the Commission and the ECB on the plan, the spokesman told a news conference: “We are working with the Italian authorities and the supervisory authorities to assess the compatibility of the plans by the Italian government with EU rules.”

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. This will need to be approved by the European Commission and the ECB. (Reporting by Francesco Guarascio; editing by Philip Blenkinsop)

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