Monte Paschi ready to make changes for state bailout

Following internal delays yesterday, the chairman of the world's oldest bank has said that it is ready to make all necessary changes to a much-delayed restructuring plan intended to secure the go-ahead from the European Union for a state bailout.

Monte dei Paschi's chairman Alessandro Profumo said to reporters: "We are ready to make all the necessary changes in the interest of the bank and of the country".

Italy's third biggest lender was given preliminary approval for a €3.9bn (£3.16bn) state bailout back in December 2012, with the condition that it present a restructuring plan within six months.

Asked whether disputes over management pay were a sticking point in the negotiations with the EU, Profumo said the bank had no reservations on this issue.