Monte dei Paschi sends bailout plan to European Commission

City A.M. Reporter
THE EUROPEAN Commission yesterday received a restructuring plan from troubled Italian bank Monte dei Paschi di Siena, which needs the EU’s green light for a €4.1bn bailout, a press officer for EU Competition Commissioner Joaquin Almunia said.

It was not immediately clear how long it would take for the EU Commission to approve the plan, although a source close to the matter said last week it would be “very quick”.

Given that the minimum notice period for shareholder meetings in Italy is 30 days, the bank would need the EU go-ahead in the next 10 days or so if it is to get the capital increase approved by its own investors before the Christmas holidays.