>Hydra
from March 2020
excerpt
Rome bailed out Monte dei Paschi in 2017, acquiring a 68% stake for 5.4 billion euros ($6.3 billion). To meet conditions agreed at the time with European Union competition authorities, it must cut that stake before the bank approves 2021 earnings.
The 'Hydra' scheme approved on Sunday at an extraordinary shareholders' meeting will lower Monte dei Paschi's impaired loans to 4.3% of total lending, below UniCredit's 4.8%, currently the best level among larger commercial banks.
https://www.marketscreener.com/quote/stock/BANCA-MONTE-DEI-PASCHI-DI-32053194/news/Monte-dei-Paschi-shareholders-approve-bad-loan-clean-up-31475834/
yep
they need to see bigger losses on statements though-only about 5% with a 60/40 allocation for Q1
They are noticing albeit slowly
When it gets to double digits (loss) and the gas pumps don't work or we get the shit from the 70's (even/odd license plate fill up days) they will suddenly care
Credit issuance was up at another record high too so those getting "filled up" again.
Until then it's meh
Bought $1.485B of it's own stock in FY'21
https://ycharts.com/companies/BLK/stock_buyback