Marcello Clarich, president of Monte dei Paschi's 1.49 percent shareholder Fondazione Monte dei Paschi di Siena, tells Reuters:
* Monte dei Paschi banking foundation is working with a new adviser, aiming to decide in the autumn over whether to take part in the bank's 5 billion euro ($5.6 billion) share issue.
* The foundation has assets worth less than 450 million euros and keeping the current stake unchanged would cost it 75 million euros. "That really is a lot of money for us, regardless of how attractive the terms of the share sale will be."
* A recently-modified document outlining the foundation's guidelines excludes selling its entire stake, but sets no minimum. "We have an ample range of possibilities in front of us."
* The foundation invested 216 million euros in the bank's previous capital increase in 2015, using up one third of its resources for a stake that is now worth about 10 million euros.
* "The foundation and other shareholders thought that last year's cash call would be sufficient, nobody expected new measures would be necessary."
* The latest rescue plan, which addresses the bank's bad loan problem with a 5 billion euro recapitalisation, represents a structural solution for the lender.
($1 = 0.8944 euros).
By: Reuters.
Reporting: Silvia Ognibene.
Editing: Ruth Pitchford .
Photo: The Wall Street Journal.
Review: Emerging Market Formulations & Research Unit, FLAGSHIP RECORDS.
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