Minister Giorgetti Defends MEF’s Actions in Monte Paschi di Siena Share Disposal
The Minister of Economy, Giancarlo Giorgetti, has come to the defense of the Ministry of Economy and Finance’s (MEF) actions in the disposal of shares in Monte Paschi di Siena. In a 14-page report presented to the Chamber, Giorgetti reiterated his trust in CEO Luigi Lovaglio and announced that any decision on the State’s residual share (4.8%) will not be adopted in a purely cash-based but strategic logic. The MEF will not present its list in the next renewal of the Siena board of directors.
Giorgetti’s words were supported by the majority parties, who highlighted the recovery process and the failure to “sell out.” However, the opposition criticized the minister’s stance, denouncing a favorable attitude towards “party interests and consortiums.” The topic is currently being investigated by the Milan Prosecutor’s Office. Giorgetti provided details on the operation, including the sale of 15% of MPS in November 2024, which was acquired by Caltagirone, Delfin, Anima, and Bpm.
Lega and FdI Support Minister Giorgetti’s Stance
Giulio Centemero of the Lega party stated that “Mps has been a systemic problem over the years” and that “the state intervened when the market was no longer able to do so.” He added that “there was no fire sale, the numbers say so” and that “the supervisory authorities have ruled out the existence of a concert.” Marco Osnato, head of economics at FdI, said that “Mps was on the verge of bankruptcy” and that “things have been done well in recent years.”
Osnato also emphasized that “we are only interested in the fact that we have returned the money to the Italians, which someone had lost.” The Lega and FdI parties have expressed their support for Minister Giorgetti’s stance, highlighting the success of the MPS operation and the recovery of the bank.
Opposition Parties Criticize Minister Giorgetti’s Stance
Virginio Merola of the PD party criticized Minister Giorgetti’s information on the MPS-Mediobanca affair, stating that it was “absolutely unacceptable” and that the minister did not answer the real reasons for the questions asked. Merola added that “the truth is that the government’s action was aimed at partisan interests and consortiums that it wants to support.”
Marco Pellegrini of the M5s party also criticized Minister Giorgetti, stating that his intervention in the Chamber was “ridiculous” and that he had his “hands deep in risk.” Pellegrini emphasized that the minister had confirmed Luigi Lovaglio as CEO of MPS and had instructed Banca Akros to sell 15% of MPS, which was then sold to Banco Bpm, which controls Banca Akros itself.
Conclusion
In conclusion, the debate surrounding the MEF’s actions in the disposal of shares in Monte Paschi di Siena continues, with the majority parties supporting Minister Giorgetti’s stance and the opposition parties criticizing his actions. The topic is currently being investigated by the Milan Prosecutor’s Office, and the outcome is still uncertain. For more information, please visit Here