A EU-wide capital exercise was conducted by Supervisory Authorities to assess the capital requirements of the European banking system. The amount determined by the exercise, which is preliminary and indicative, is subject to change on the basis of end-September data and will be reviewed by banks and Supervisory Authorities. It is the revised latter figure that will form the basis for any plans required to increase levels of capitalisation by the end of June 2012. The required total capital buffer identified for Banca Monte dei Paschi di Siena is EUR 3,091.0 mln.

The amount does not factor in the 2003 F.R.E.S.H. notes conversion announced by the Montepaschi Foundation to occur by the end of the year (approx. EUR 318 mln) and the 2008 F.R.E.S.H. notes inclusion in the bank’s core capital (approx. EUR 950 mln), both of which are positive factors deemed worth pursuing. The positive components of the AFS reserve were also excluded. Net of the negative impact on the AFS reserve associated with interest rate risk hedging of the government debt securities portfolio, these elements would substantially offset the temporary capital buffer which is only required to address sovereign debt risk.


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