Europe’s Bank Restructuring ‘positive’ For Sector

Continental Europe ends Seve Trophy drought

The massive restructuring of European banks will be positive in the end, the head of Italy’s main stock exchange told CNBC, on the day that Italian lender Banca Monte dei Paschi unveiled its new turnaround plan. However, Raffaele Jerusalmi, CEO of Borsa Italiana, also warned that the financial industry needed to strike the right balance between restructuring and regulation. “In general, what is happening in terms of the restructuring that we are seeing in the banking sector all over Europe is going to be positive in the end,” he told CNBC. “But there is still a risk of over-regulation we have to be careful. Last month, a report by the region’s banking regulator, the European Banking Authority, said Europe’s largest banks will need to find an extra 70.4 billion euros ($95 billion) of capital to comply with the rules. Monte Paschi announced plans to repay around 3 billion euros of its state bailout next year, with full payment by 2017, according to Reuters. The bank expects the EU Commission to approve the restructuring by mid-November, and hopes it will be enough to secure approval for much-needed state aid, after the euro zone crisis brought it close to collapse. Although Monte Paschi’s announcement came after the European market close, the news that its board was meeting to finalize the restructuring plan was enough to send shares rallying. Stock of Monte Paschi closed around 6.3 percent higher and was the top gainer on the Euro Stoxx 600 . Follow us on Twitter: @CNBCWorld

The boys really played well today and I’m very, very happy to have won the Seve Trophy this time.” GB&I struck first on Sunday when Tommy Fleetwood claimed his first point of the week with a 3 & 2 win over Joost Luiten, who was unbeaten entering the match. After Jamie Donaldson and Gonzalo Fernandez-Castano halved their match, Ryder Cup standout Nicolas Colsaerts drew Continental Europe even, draining a 5- footer for par at the last to secure a 1-up win over Paul Casey. Frenchman Gregory Bourdy then continued his stellar play and pushed Continental Europe in front with a 4 & 3 triumph over Scott Jamieson. Bourdy, who never trailed in the match, became the first player in the event’s history to win five points out of five. “I’m so happy to achieve that, and it was an amazing week for me,” said Bourdy. The jostling continued, however, as Marc Warren wrapped up a 4 & 3 ousting of Thorbjorn Olesen to again square the tournament, 12 – 12, with four matches left on the course. From there, Continental Europe took control. Jimenez put the finishing touches on his convincing win, which was aided in part by the ailing Lynn, who twice dropped his ball into the water. Matteo Manassero then increased Continental Europe’s advantage to a pair with a 3 & 2 defeat of Stephen Gallacher. Paul Lawrie showed the GB&I mettle with a 2 & 1 win over Mikko Ilonen, but Molinari was in control at that point, holding a 2-up lead over Wood through 14 holes. After the pair matched birdies at the 15th, Molinari dropped his tee shot at the par-3 17th within 12 feet and drained the birdie putt to seal the Continental Europe victory. “It was going to go down to the last three matches at least,” continued Olazabal. “We had a pretty good start, then Great Britain & Ireland took over and we started to see some reds on the board. But the boys kept their composure and played really well, especially these last few matches, they played really great golf.” NOTES: Continental Europe’s only other win at the Seve Trophy came in 2000, the event’s inaugural year …