The share prices of Italian banks are under heavy pressure. At the fair of Milan is the share of Monte dei Paschi, the oldest bank in the world, 15 percent lower.
The confidence in the banks in Italy is undermined by two things. Concerns about the referendum this coming Sunday and worry for the European Central Bank (ECB) on Monte dei Paschi.
The referendum on a constitutional amendment degenerates in a political and economic crisis, that the banks even more will hit. Italian banks bear almost 30 billion euros of bad and uncollectible loans of consumers and companies.
in That dark and uncertain prospect, some citizens have an incentive to withdraw their money from the bank to make, or to books abroad.
Monte dei Paschi has to know that the rescue plan for the bank may not be strong enough and that investors are likely to have to step in.
Last week, shareholders are still in with a rescue plan, involving 5 billion euros on the table had to be laid to the financial buffers to strengthen.
According to the ECB, the liquidity position of Monte dei Paschi deteriorated. The review of the loan portfolio of the bank would also be much more weak loans have not brought to light.
The bank, which in 1472 was founded, it looks in addition to against 8 billion in legal claims, almost twice as many as previously known. The bank has until now only 600 million are set aside for those claims.
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