意大利要求更多時間救援銀行業

Italy is demanding the European Central Bank give it more time to rescue Monte dei Paschi di Siena and is preparing to blame the bank for losses imposed on bondholders if Rome is forced into an urgent state bailout.

意大利正要求歐洲央行(ECB)寬限更多時間來救援西雅那銀行(Banca Monte dei Paschi di Siena)，並且在一旦被迫對該行進行緊急國家紓困的情況下，準備將債券持有人的損失歸咎於這家銀行。

The board of MPS, which has the Italian Treasury as its largest shareholder, is asking the ECB’s supervisory arm to give it until mid-January to pull off a EURO5bn equity injection and try to avoid forcing losses on some debtholders as required under new EU bailout rules, say four people close to the process.

據4名知情人士透露，最大股東是意大利財政部的西雅那銀行的董事會正請求歐洲央行的監管部門寬限更多時間，將一筆50億歐元的股本注資的完成期限推遲至1月中旬，並且試圖避免依據歐盟的紓困新規迫使一些債券持有人分擔損失。

In a letter to the ECB, MPS says political instability unleashed by the resignation of prime minister Matteo Renzi following his defeat in Sunday’s referendum has made it impossible to get the deal done until a new government is formed, these people say.

上述知情人士稱，西雅那銀行致函歐洲央行稱，意大利總理馬泰奧.倫齊(Matteo Renzi)在上週日公投中失利後辭職一事導致政治不穩定，該行無法在新政府組建好前完成上述注資操作。

If the ECB fails to approve the extension, MPS could be heading for a recapitalisation by the Italian state in the next few days, said a person close to the issue. At stake is the stability of the Italian banking system and the potential wider repercussions on Europe’s financial system, which continues to struggle to recover from the eurozone debt crisis of 2010.

一名知情人士表示，如果歐洲央行不批准延期，接下來幾天可能由意大利政府出手對西雅那銀行進行資本重組。這攸關意大利銀行體系的穩定，並可能對歐洲金融體系造成更廣泛的影響。歐洲金融體系仍在竭力從2010年的歐元區債務危機中恢復過來。

A so-called precautionary recapitalisation would involve imposing losses on subordinated debtholders and the indemnification of retail bondholders, the people said. The ECB is due to review the request as early as Thursday.

這名知情人士表示，所謂的預防性資本重組將迫使次級債權人蒙受損失，同時保護零售債券持有人不受損失。歐洲央行最早將在週四審議該請求。

The ECB is understood to be unwilling to reveal its position until a letter is received. But bankers argue the supervisor is under pressure to take a tougher stance on MPS, which failed the European banks’ healthcheck in 2014 and 2016, potentially paving the way for the latest stand-off between Italy and EU authorities.

據信，歐洲央行不願在收到信件前表明其立場。但銀行家們認爲，歐洲央行的監管機構正受到壓力，要求其對西雅那銀行採取更強硬立場，該行在2014年和2016年未能通過針對歐洲各銀行的健康檢查，潛在爲意大利與歐盟當局之間的最新對峙搭起舞臺。

“If they don’t give the extension, the ECB must take responsibility. They will be pushing the button,” said one person. “We are only asking for five more weeks.”

“如果它們不予延期，那麼歐洲央行必須承擔起責任。它們將負責按下按鈕，”一名人士說：“我們只要求再寬限5周。”