recapitalisation: The news signals that a multi-billion euro refinancing of MPS could occur within days, according to The Guardian. Seven other banks that are struggling under the weight of bad loans amounting to billions of euros may also require government recapitalisation. The statement said It could be necessary to adopt measures with the aim of protecting savers if there were risks in the financial sector . The vote in parliament could happen as soon as Wednesday, according to the Italian news agency Ansa. The cabinet meeting was convened just hours after MPS, the world's oldest bank, formally launched a desperate attempt to stave off government rescue and raise 5bn 4.2bn from private investors. The bank's shares fell 8.5% on Monday as it launched a share offering to institutional and retail investors. It has less than 10 days to secure private funding before the government intervenes.
(news.financializer.com). As
reported in the news.
Tagged under recapitalisation, multi-billion topics.