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Fondazione Monte dei Paschi di Siena (FMPS) is a charity organization based in Siena, Tuscany. The foundation was in fact the original statutory corporation of Monte dei Paschi di Siena. Due to Legge Amato, in 1995 a subsidiary Banca Monte dei Paschi di Siena was formed, as well as the statutory corporation became Fondazione MPS, a foundation and private legal person.
The foundation was the major shareholders of BMPS. However, after the bank suffered from losses in derivative contracts and non-performing loans, the bank was forced to recapitalize, which the foundation failed to purchase all the new shares assigned to the organization.
In 2014, the foundation sold most of the stake it hold (3,621,277,308 for about €0.2352 per share). On 31 March the foundation also form a shareholders agreement with Fintech Advisory and BTG Pactual Europe (a subsidiary of BTG Pactual). In the agreement 5.48% vote rights of BMPS would vote collectively. After another capital increase, the agreement would only bind for 0.498% stake. ACRI, a trade association of saving banks and banking foundation, had also signed a memorandum of understanding with the Ministry of Economy and Finance for the new regulation on the assets of the foundations in 2015. The new regulations requires the foundations cannot invest more than one-third of the assets in one entity.
The foundation also owned a 0.84% stake in Sanpaolo IMI in 2006.
As at 31 December 2015, FMPS also owned all the units of Quaestio's Quaestio Capital Fund Global Diversified I Fund, which had net asset value of approx. €236 million at that time.
As at 31 December 2014 the foundation had a total assets of €664,776,767 (dropped from €1,205,497,787 in 2013), with the shares of BMPS was valued at €85,864,810 (12.91% of total assets; €0.67128 per shares times 127,912,863). The stakeholders' equity (according to the definition of the by-law of the foundation) was €560,066,488 at 31 December 2014, decreased from €755,774,054 in 2013. The total assets and equity (defined by article 9.4 of Decree-Law N°153/1999) had decreased to €561,049,998 and €451,741,567 respectively in year end 2015.