MONTI BOND

Previously known as Tremonti Bond, after the name of the Treasury Minister, Monti Bonds are bonds subscribed by the Italian Treasury with private banks, that yield relevant interests payments (around 9% yearly). Such bonds are issued to help troubled banks that cannot raise sufficient resources in the interbank market and from the ECB. The resources to finance such bonds are taken form taxpayers, similarly to other countries.
In 2009 Tremonti bonds have been asked by some Italian private banks for a total amount 4 trillion euro; banks were Banco Popolare, Banca Popolare di Milano, Credito Valtellinese and Monte dei Paschi di Siena.
In 2012-13 the Monte Dei Paschi di Siena, a private bank headquartered in Siena (Tuscany), asked for 3,9 trillion Monti bonds.