Italy’s Pashi ups state aid plea

City A.M. Reporter
BANCA Monte dei Paschi di Siena, Italy’s third biggest lender, yesterday increased its request for state aid by €500m (£404m) to up to €3.9bn, citing possible capital concerns due to past financial structured transactions.

In a statement Monte dei Paschi said its board had approved the issuing of special bonds to the Treasury for up to €3.9bn, by 28 December. The scheme needs to be approved by the EC.

It said the increase was due to uncertainty over “certain structured transactions carried out in previous financial years.”