New MPS board after State entry - Padoan (2)

Confidence in managers

New MPS board after State entry - Padoan (2)

Rome, January 12 - A new Monte dei Paschi di Siena (MPS) board will be named after the precautional recapitalisation of the troubled Tuscan lender with State funds, Economy Minister Pier Carlo Padoan said Thursday. The primary goal of the new management team will be to implement a restructuring plan, he told parliament on the government's 20-billion-euro 'save-savings' decree. Padoan added: "The MPS management, which has shown willingness to tender its resignation, enjoys the government's confidence". MPS is undergoing a State-sponsored turnaround after coming last in European stress tests because of its heavy load of non-performing loans (NPls).

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