Economy ministry to have 4% of MPS shares

(ANSA) - Milan, March 4 - Troubled bank Monte dei Paschi di Siena (MPS) said late Wednesday that the Italian government will own about 4% of the bank after it completes a planned capital increase.
    Almost 450 million new shares will be assigned to the economy ministry in payment of interest on government help in 2012 for the world's oldest operating bank, MPS said in a statement.
    It said the ministry promised not to sell the shares for several months after they are issued in July to avoid disturbing the financial market.
    Troubled MPS had received a 4.1-billion-euro bailout approved under former premier Mario Monti.
    Last month, the government agreed to become a shareholder in MPS from July under a clause in the so-called Monti bonds that said if it posted a loss, interest payments to government would be paid in shares.
    That clause kicked in when MPS posted a 2014 loss of 5.3 billion euros.