Italy’s MPS fails to meet EBA targets

Italy’s Banca Monte dei Paschi di Siena failed to meet capital targets set by the European Banking Authority, to plug a capital shortfall by the end of June.

The Italian lender confirmed in a statement it had a shortfall of €1.728bn at the end of June.

Monte Paschi is borrowing €3.4bn selling bonds to the state, as well as planning to sell its unit Biver Banca.

Monte dei Paschi is the only Italian bank to confirm a shortfall among 27 banks that were required by the European Banking Authority to submit plans for their capital raising.

Intesa Sanpaolo, UniCredit, UBI Banca and Banco Popolare, four other Italian banks that also had to comply with EBA demands, all said their Core Tier 1 ratios had reached or surpassed the minimum 9 percent level by the end of June.

Cyprus Popular Bank Pcl, Bank of Cyprus Pcl, and Nova Kreditna Banka Maribor are the other three lenders missing the target.   

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