Fondazione Monte dei Paschi di Siena

Fondazione Monte dei Paschi di Siena (FMPS) is a charity organization based in Siena, Tuscany, Italy. The foundation was in fact the original statutory corporation of Monte dei Paschi di Siena. Due to Legge Amato, in 1995 a subsidiary Banca Monte dei Paschi di Siena was formed, as well as the statutory corporation became Fondazione MPS, a foundation and private legal person.[1][2]

Fondazione Monte dei Paschi di Siena
PredecessorCharity function of Banca Monte dei Paschi di Siena
Founded28 August 1995 (1995-08-28)
Headquarters34 Banchi di Sotto,
Siena
,
Italy
Key people
Marcello Clarich (Chairman)
Websitefondazionemps.it

History

The foundation was the major shareholders of BMPS. However, after the bank suffered from losses in derivative contracts and non-performing loans, the bank was forced to recapitalize, which the foundation failed to purchase all the new shares assigned to the organization.

In 2014, the foundation sold most of the stake it hold (3,621,277,308 for about €0.2352 per share). On 31 March the foundation also form a shareholders' agreement with Fintech Advisory and BTG Pactual Europe (a subsidiary of BTG Pactual). In the agreement 5.48% voting rights of BMPS would vote collectively. After another capital increase, the agreement would only bind for 0.498% stake.[3] ACRI, a trade association of savings banks and banking foundation, had also signed a memorandum of understanding with the Ministry of Economy and Finance for the new regulation on the assets of the foundations in 2015.[4] The new regulations requires the foundations cannot invest more than one-third of the assets in one entity.

The foundation also owned a 0.84% stake in Sanpaolo IMI in 2006.[5]

As at 31 December 2015, FMPS also owned all the units of Quaestio's Quaestio Capital Fund Global Diversified I Fund, which had net asset value of approx. €236 million at that time.[6][7]

As at 31 December 2014 the foundation had a total assets of €664,776,767 (dropped from €1,205,497,787 in 2013[8]), with the shares of BMPS was valued at €85,864,810 (12.91% of total assets; €0.67128 per shares times 127,912,863).[9] The stakeholders' equity (according to the definition of the by-law of the foundation) was €560,066,488 at 31 December 2014, decreased from €755,774,054 in 2013. The total assets and equity (defined by article 9.4 of Decree-Law N°153/1999) had decreased to €561,049,998 and €451,741,567 respectively in year end 2015.[6]

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References
  1. Ministry of the Treasury (28 August 1995). "Approvazione del progetto di ristrutturazione del Monte dei Paschi di Siena" (in Italian). Italian Republic Official Gazette. Retrieved 9 April 2016.
  2. "statuto (2013)" [Articles of association (2013)] (PDF) (in Italian). Fondazione Monte dei Paschi di Siena. 2013. Retrieved 20 April 2016.
  3. "Estratto del patto parasociale come modificato e aggiornato al 22 maggio 2015" (PDF) (in Italian). Fondazione Monte dei Paschi di Siena. 25 May 2015. Retrieved 20 April 2016.
  4. "VENTESIMO RAPPORTO SULLE FONDAZIONI DI ORIGINE BANCARIA 2014" (in Italian). ACRI. 28 September 2015. Retrieved 15 April 2016.
  5. "2006 Bilancio consuntivo" (PDF). Fondazione Monte dei Paschi di Siena (in Italian). ACRI archive. 7 May 2007. Retrieved 18 February 2016.
  6. "2015 Bilancio Consuntivo" (PDF) (in Italian). FMPS. 31 May 2016. Archived from the original (PDF) on 25 December 2016. Retrieved 27 December 2016.
  7. "2015 Annual Report" (PDF). Quaestio Capital Fund. 4 May 2016. Retrieved 27 December 2016.
  8. "2013 Bilancio Consuntivo" (PDF) (in Italian). Fondazione Monte dei Paschi di Siena. 17 June 2014. Retrieved 20 April 2016.
  9. "2014 Bilancio Consuntivo" (PDF) (in Italian). FMPS. 11 May 2015. Retrieved 20 April 2016.
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