Italy's Monte dei Paschi to press ahead with private rescue plan: source

Ailing Italian bank Monte dei Paschi di Siena will press ahead with a last-ditch 5-billion euro ($5.27 billion) privately-funded rescue plan after the European Central Bank refused to give it more time to raise the money, a source close to the matter said.

The source said the 11th-hour plan involved reopening a debt to equity swap offer to retail investors and a private placement of shares in the lender on the market.

(Reporting by Silvia Aloisi)