Italy's Padoan raps ECB for Paschi recapitalisation demand

Pier Carlo Padoan, Italys finance minister, listens during a parliamentary session inside the Chamber of Deputies, the lower house of parliament, ahead of a confidence vote in Rome, Italy, on Tuesday, Dec. 13, 2016. Prime Minister Paolo Gentiloni said his government is ready to intervene to guarantee the stability of Italy’s troubled banks, pledging to boost an economic recovery he described as still too weak. Photographer: Alessia Pierdomenico/Bloomberg

ROME: Italy Finance Minister Pier Carlo Padoan (pic) criticised the European Central Bank (ECB) for not being clear enough in its request for Banca Monte dei Paschi di Siena SpA to boost its capital by almost twice the amount the lender failed to raise on the market.

“It would have been useful to receive additional information from the ECB supervisory board on the criteria used for such a valuation, since it has consequences for the other banks,” Padoan said in an interview with financial daily Il Sole 24 Ore published yesterday.