Bank of Italy Deputy Director General Fabio Panetta said the European Central Bank's inspection of Banca Monte dei Paschi di Siena SpA's loan portfolio, which commenced in May 2016, is still in progress, Reuters reported Jan. 28.

The bank said the results of the inspection, which was supposed to have concluded by 2016-end, is expected to be released in the first half of 2017, according to the report.

In December 2016, the Italian government announced a €20 billion rescue fund for banks, with €6.6 billion to go toward recapitalizing the beleaguered Monte dei Paschi, according to calculations made by the Bank of Italy.

Separately, Banca Monte dei Paschi Chairman Alessandro Falciai said the lender intends to move forward with the sale of its nearly €30 billion nonperforming loan portfolio, with or without the aid of Italian bank rescue fund Atlante, the newswire reported the same day.