Pedullà (M5S) calls ‘ridiculous’ the Commission’s claims regarding the government’s lack of control over Monte Paschi

Brussels – “Ridiculous” is how the members of the 5 Star Movement in the European Parliament described the response given yesterday by a European Commission spokesperson regarding Monte dei Paschi’s intention to make a deal with Mediobanca. “The European Commission said nonsense on the MPS-Mediobanca case. Claiming, as one of its spokespersons said yesterday, that the public stake in MPS is minimal is ridiculous, given that the Meloni government effectively appoints the bank’s top management,” Gaetano Pedullà, a 5 Star Movement MEP, commented in a note.

MPS did not disclose its bid on Mediobanca to the European Commission. A spokesperson explained that after the State sold almost all of its stake in the Siena-based bank, “MPS is no longer bound to its commitment under the State Aid Decision to refrain from acquisitions,” the spokesperson specified, “which allows it to take whatever business actions it deems appropriate to pursue its business interests.

“We must not forget that since 2017, MPS has received public money for a total of €7 billion, and it has launched wasteful staff exodus plans, the latest of which for 4,125 employees, again with the economic assistance of the State,” Pedullà stressed in his statement. According to the MEP, “there are at least two articles of the Treaty on the Functioning of the European Union that are being disregarded: the one on the Community framework for state aid, Art. 107 TFEU, and the one on maintaining financial stability, ex. Art. 127(1) TFEU, considering that the current capitalization of MPS is 8.10 billion while that of Mediobanca is 13.75 billion.”

“The European Commission cannot support this type of financial cronyism just to appease the powerful and their financial interests, which are light years away from the needs of citizens. For this reason, we have submitted a priority question to the European Commission, which is the guardian of the Treaties and must always enforce them,” Pedullà concluded.