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As Euromoney went to press shares in troubled Italian lender Monte dei Paschi di Siena (MPS) were trading at 25 cents – a staggering 77% drop in its share price so far this year. It is not hard to see why; net NPLs stand at €24 billion, 21% of its €112 billion loans outstanding. Even if it manages to securitize the €10 billion of bad debt that the ECB has asked it to, it still faces a €5 billion capital hole that its rescue plan needs to fill.
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