Monte dei Paschi shareholders approve seventh cash call in 14 years

MILAN (Reuters) – Shareholders in state-owned Monte dei Paschi di Siena (MPS) on Thursday accepted a 2.5 billion euro ($2.5 billion) money name.

Here’s a timeline of key occasions within the current historical past of MPS, whose origins will be traced again to the fifteenth century.

NOVEMBER 2007 – MPS buys Antonveneta from Santander for 9 billion euros in money, simply months after the Spanish financial institution paid 6.6 billion euros for it.

JANUARY 2008 – MPS broadcasts a 5 billion euros rights situation, a 950 million euro capital enhance reserved to JPMorgan, a 2.16 billion euro Tier2 bond and a 1.56 billion euro bridge mortgage to fund the Antonveneta deal.

MARCH 2009 – MPS sells 1.9 billion euros in particular bonds to Italy’s Treasury to shore up its funds.

JULY 2011 – MPS raises 2.15 billion euros in a rights situation forward of European stress check outcomes.

SEPTEMBER 2011 – The Financial institution of Italy gives 6 billion euros in emergency liquidity to MPS because the euro zone sovereign disaster escalates.

MARCH 2012 – MPS posts a 4.7 billion euro 2011 loss after billions of goodwill writedowns on offers together with Antonveneta.

JUNE 2012 – MPS asks Italy’s Treasury to underwrite as much as one other 2 billion euros in particular bonds.

OCTOBER 2012 – Shareholders approve a 1 billion euro share situation focusing on new buyers.

MARCH 2013 – MPS loses 3.17 billion euros in 2012, hit by plunging Italian authorities bond costs.

JUNE 2014 – MPS raises 5 billion euros in a rights situation and repays the state 3.1 billion euros.

OCTOBER 2014 – MPS emerges because the worst performer in Europe-wide stress assessments.

JUNE 2015 – MPS raises 3 billion euros in money after a 5.3 billion euro web loss for 2014 on report unhealthy mortgage writedowns. It repays the remaining 1.1 billion euro state underwritten particular bond.

JULY 2016 – MPS broadcasts a brand new 5 billion euro rights situation and plans to dump 28 billion euros in unhealthy loans after European financial institution stress assessments.

DECEMBER 2016 – MPS turns to the state for assist beneath a precautionary recapitalisation scheme after its money name fails.

JULY 2017 – After the ECB declares MPS solvent, the EU Fee clears an 8.2 billion euro bailout which palms the state a 68% stake at a value of 5.4 billion.

OCTOBER 2019 – MPS completes Europe’s largest unhealthy mortgage securitisation deal.

AUGUST 2020 – Italy units apart 1.5 billion euros to assist MPS as it really works to satisfy an end-2021 re-privatisation deadline.

FEBRUARY 2021 – MPS posts 1.69 billion euro loss for 2020 because it opens its books to potential patrons.

JULY 2021 – UniCredit enters unique talks to purchase “chosen components” of MPS, a day earlier than European banking stress check outcomes present the latter’s capital could be worn out in a droop.

OCTOBER 2021 – Talks with UniCredit collapse.

JUNE 2022 – MPS broadcasts a 2.5 billion euro capital enhance for end-October and secures a pre-underwriting accord with banks.

(Reporting by Valentina Za;Enhancing by Elaine Hardcastle)