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Italian bank BMPS says ECB wants it to get 8.8-bn-euro bailout

Monte dei Paschi is widely considered to be the world's oldest bankItaly’s troubled third-largest bank, Monte dei Paschi di Siena (BMPS), said Tuesday that the European Central Bank has called for it to receive a bailout of 8.8 billion euros ($9.2 billion). The ECB’s reported need for recapitalisation at BMPS, the world’s oldest bank, is over three billion euros more than judged necessary just one month ago. BMPS cited letters from the ECB to the Italian ministry of finance and economy indicating that the results of 2016 stress tests showed the capital needs of BMPS at 8.8 billion euros.

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