Monte dei Paschi di Siena is the oldest bank in the world, but it is also the worst European bank. These two firsts of the Sienese institute would be enough to understand how insidious is the political path of the negotiation between the Ministry of the Treasury, in the role of seller of the 64% stake in Mps, and Unicredit, officially at work for three days to buy the bank , which on the basis of capital ratios achieved the worst result in Europe. The poor financial solidity and the fact that the deadline for the State to leave Mps is set at 31 December 2021 are, however, factors that have no bearing on the political dynamics triggered by Unicredit’s announcement to move towards Mps. Within the majority there is a succession of interventions against a possible stew, against any hypothesis of redundancy, against the possibility that the brand is discontinued, against any type of condition that can be configured as a “gift” to Unicredit.
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The moves of the Treasury
A fuss, partly expected, which did not take by surprise either Palazzo Chigi or the Ministry of Economy, that is the two places where the dossier has been discussed several times by Prime Minister Mario Draghi and by the Minister of Economy Daniele Franco. Not surprisingly, the ministry of Via XX Settembre has already moved on behalf of the government, providing reassurance on three different fronts: the protection of as many jobs as possible, the safeguarding of the Mps brand with the relative benefits for the economy of a small town like Siena (in fact, the maintenance of the institute’s operational headquarters in the city would be facilitated), and, finally, the willingness to support the economic fabric of the Sienese area with interventions that, for example, could stimulate the development of a sector such as the pharmaceutical one, already present in the area. The goal is, in short, to create the conditions for a passage that does not result in a shock for the city of Siena and for the center-left political universe that has always orbited around Monte. In addition to the reassurances, the Treasury’s firm intention remains to go ahead and find an agreement with Unicredit, which is already grappling with the analysis of the numbers (dataroom and due diligence). “By 2021 the operation will have to be closed – assures a government source – also because at the moment it is the only solution and no one else has come forward”. The other consideration that is underlined is the different nature of the dossier with respect to the matches that concerned the government and the fate of Ilva, Alitalia and Autostrade. “This time we are dealing with a large bank in difficulty for some time, which despite its promises is still a potential factor of instability for the Italian credit sector”, he observes. Arguments that in these hours are struggling to get the better of the exchange of broadcasts between the League and the Democratic Party, as well as the countless requests for an urgent convocation of Minister Franco to appear in Parliament and report on the Mps-Unicredit affair. A nasty context, characterized by two factors that will not facilitate Mps’s sales path: first, the candidacy in Siena of the secretary of the Democratic Party, Enrico Letta for a seat as a deputy in the supplementary elections in October, and, second, the start of the semester White.
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