The European Central Bank has written to Italy’s Banca Monte dei Paschi di Siena asking for a new three-year business plan that would require it to reduce non-performing loans to an adequate level, CNBC reported. The request means the bank would have to shed bad loans worth around €10 billion ($11 billion) and raise targets set only last year in its business plan through to 2018. Monte dei Paschi has the highest proportion of bad debts among Italian banks, at 41% of its loan book.
