BMPS Announced complete Q4 ’15 results after mkt hours plus held a conference call. (preliminary results had already been announced). During the conf call mgmt. focused on Asset quality and stated that expects NPE to decline in ’16 (from Euro 46.9 bn gross or Euro 24.2 bn net as of YE ’15) due to reduced inflows from performing loans to NPE, increase in recoveries, increase in cure rate and disposal’s of NPL’s. CEO Mr Viola added that BMPS is considering setting up a partnership with a specialized bad loan operator. Mgmt reiterated that deposit outflows had stabilised at the beginning of the year (no figs reported but Bloomberg reports comment’s that outflows mainly from corporates, wholesale with only a small %age from retail). Mgmt guided for a stable NII in ’16 and a return to profit. No comment ref M & A.