Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

12/6/2012 (1 year ago)

Catholic Online (www.catholic.org)

Troubled Italian bank Monte dei Paschi di Siena get BBB- rating from S & P

Founded in 1472, the world's oldest bank has been downgraded to junk status by Standard & Poor. Troubled Italian bank Monte dei Paschi di Siena, founded in 1472, is the world's oldest surviving lender has been put down to speculative-grade status of BB+ from BBB-.

Banca Monte dei Paschi di Siena S.p.A. is the oldest surviving bank in the world and Italy's third largest bank.

Banca Monte dei Paschi di Siena S.p.A. is the oldest surviving bank in the world and Italy's third largest bank.

Article Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

12/6/2012 (1 year ago)

Published in Europe

Keywords: Italy, Standard & Poor, Monte dei Paschi di Siena, downgrade


LOS ANGELES, CA (Catholic Online) - S & P Standard cut its credit rating for the bank earlier this week and also placed the bank on negative outlook.

"Deteriorating trends in Banca Monte dei Paschi di Siena's financial position make it unlikely that the bank would restore profitability and improve its capital and funding position in line with our previous expectations.

"The difficult economic and operating environment we anticipate in the Italian market will compound the challenges for MPS to implement successfully its business plan," the agency said in a statement.

The bank's profitability could continue to be under pressure through 2013 despite its efforts to reduce costs.

It's said that there is a very real risk that the bank might not be able to proceed with its planned 1.0-billion-euro ($1.3-billion) capital increase in 2014.

Banca Monte dei Paschi di Siena S.p.A. is the oldest surviving bank in the world and Italy's third largest bank. Founded in 1472 by the Magistrate of the city state of Siena, Italy, as a mount of piety, it has been operating ever since. Today it consists of approximately 3,000 branches, 33,000 employees and 4.5 million customers in Italy, as well as branches and businesses abroad. A subsidiary, MPS Finance, handles investment banking.

In the wake of rising yields and declining valuations on Italian government debt in the European sovereign-debt crisis, MPS lost over $2 billion in the first half of 2012, had to recapitalize, and faced restructuring or worse. The majority owner until the recapitalization, the Fondazione Monte dei Paschi di Siena long resisted issuing new capital which would dilute its holding. In September 2012, even after the dilution, the bank "appear[ed] poised" also to give the national government a greater ownership stake in return for more capital.

---


Pope Francis calls for your 'Prayer and Action'


© 2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for March 2014
Respect for Women:
That all cultures may respect the rights and dignity of women.
Vocations: That many young people may accept the Lord’s invitation to consecrate their lives to proclaiming the Gospel.



Comments


More Europe

Pope Francis Easter Vigil Homily: Where is My Galilee? Encountering Jesus Watch

Image of Pope Francis: To return to Galilee means above all to return to that blazing light with which God's grace touched me at the start of the journey. From that flame I can light a fire for today and every day, and bring heat and light to my brothers and sisters. That flame ignites a humble joy, a joy which sorrow and distress cannot dismay, a good, gentle joy.

By Pope Francis

Galilee is the place where they were first called, where everything began! To return there, to return to the place where they were originally called. Jesus had walked along the shores of the lake as the fishermen were casting their nets. He had called them, and ... continue reading


LOCH NESS MONSTER - FOUND? Amazing new photos appear Watch

Image of Cutting-edge technology may have just added credence to a long-standing legend in Scotland's Loch Ness.

By Catholic Online (NEWS CONSORTIUM)

Cutting-edge technology may have just added credence to a long-standing legend in Scotland's Loch Ness. A satellite orbiting Earth and using Apple's satellite map app may have provided proof that there's a Nessie to be found in the Scottish Highlands. The ... continue reading


UFO caught on film in England, but it's not a spacecraft... Watch

Image of This mysterious ring lasted for about three minutes in the air before dissipating, according to the eyewitness.

By Catholic Online (NEWS CONSORTIUM)

A bizarre black ring is baffling experts in England, after it was filmed by a sixteen year old girl in Warwickshire. The ring apparently hung in the sky for three minutes before dissipating. LOS ANGELES, CA (Catholic Online) - Nick Pope, a former adviser to the ... continue reading


Russia continues to devour Ukraine Watch

Image of Russia's Prime Minister, and former president of Russia, Dmitry Medvedev said that Ukraine is on the brink of civil war.

By Catholic Online (NEWS CONSORTIUM)

Vladimir Putin has continued his land grab in Ukraine, making it ever more apparent that the Russian president wants to reunite the old Soviet republics and from a new Soviet Union, even at the risk of causing a major war. LOS ANGELES, CA (Catholic Online) - Russia ... continue reading


Immune to poison, GIANT rats terrify Great Britain Watch

Image of Nationwide, councils have reported a rise in the number of rats being reported. Birmingham has the highest number of call-outs with 5,100 in the past year.

By Catholic Online (NEWS CONSORTIUM)

"Rats -- the size of cats" is a lyric in David Bowie's classic rock hymn "Diamond Dogs." It's a terrifying, dystopian vision that unfortunately coming true in Great Britain today, with rodents as large as two feet in length. Even worse, these monster rats have ... continue reading


Pope appoints Lady Margaret Scotford Archer to head Pontifical Academy Watch

Image of Lady Margaret Scotford Archer was born in Grenoside, U.K., and holds a Ph.D. from the University of London. She is currently a professor at l'Ecole Polytechnique Fédérale de Lausanne, Switzerland. She previously taught for many years at the University of Warwick in Great Britain.

By Catholic Online (NEWS CONSORTIUM)

Lady Margaret Scotford Archer has been appointed by Pope Francis to be President of the Pontifical Academy of Social Sciences." The group consists of scholars dedicated to studying issues in the social sciences in order to offer reflection and advice to the ... continue reading


Dissenting Priest Defies Church of England's Teaching on Marriage, 'Marries' his Homosexual Paramour Watch

Image of An Anglican priest has defied the Church of England's insistence that marriage is between one man and one woman by openly dissenting from the Scripture and Christian tradition and wedding his longtime homosexual companion. The 58-year-old Canon Jeremy Pemberton, a divorced hospital chaplain, wed 51-year-old Laurence Cunnington this past weekend.

By Catholic Online (NEWS CONSORTIUM)

A practicing homosexual priest has defied the Church of England's ban on homosexual and lesbian clergy marrying by wedding his longtime male homosexual companion. The 58-year-old Canon Jeremy Pemberton, a divorced hospital chaplain, wed his long-term homosexual ... continue reading


Who Am I? Homily of Pope Francis on the Palm Sunday of the Lord's Passion Watch

Image of

By Pope Francis

This week begins with the festive procession with olive branches: all the people welcome Jesus. The children, the young people sing, praising Jesus.But this week proceeds into the mystery of Jesus' death and his resurrection. We've heard the Passion of the Lord. ... continue reading


Pope Francis Gives Away New Testaments to the Faithful. Calls Catholics to Love the Bible Watch

Image of Pope Francis loves the Word of God and calls us to do the same

By Deacon Keith Fournier

Last month, at an Angelus prayer, Pope Francis asked the crowd how many of them read the Bible every day. The response was discouraging. He told them, "It is good to have a little Bible that you carry with you in your pocket or in your bag. Always carry a Bible ... continue reading


The Gift of Wisdom: Pope Francis Begins Series of Talks on the Gifts of the Holy Spirit Watch

Image of

By Pope Francis

Today we begin a series of reflections on the gifts of the Holy Spirit. The Holy Spirit is the soul, the lifeblood of the Church and of every Christian: He is God's Love, who makes our hearts his home and enters into communion with us. The Holy Spirit is always ... continue reading


All Europe News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Acts 10:34, 37-43
34 Then Peter addressed them, 'I now really ... Read More

Psalm, Psalms 118:1-2, 16-17, 22-23
1 Alleluia! Give thanks to Yahweh for he is good, for ... Read More

Gospel, John 20:1-9
1 It was very early on the first day of the week and ... Read More

Reading 2, Colossians 3:1-4
1 Since you have been raised up to be with Christ, ... Read More

Saint of the Day

Saint of the Day for April 20th, 2014 Image

St. Marian
April 20: When St. Mamertinus was Abbot of the monastery which St. ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter