Monte dei Paschi di Siena covered 93 percent of its controversial €2.5 billion rights issue, despite scant participation from the bank’s shareholders.

The Italian state contributed 1.6 billion euros to efforts to raise capital for the ailing lender, or 64 percent of the total. Another 19 percent was covered by a group of investors who agreed to pick up a portion of any unsold shares.

Other current shareholders, including retail investors, received just 10 percent of the cash requirement – the seventh MPS has passed in the past 15 years.

The two-week offering period for shareholders with pre-emptive rights in the capital increase – meaning they had the right of first refusal on the new shares – ended on Monday, MPS said in a statement.

Other shareholders will now have the opportunity to buy any unsold shares.

The appeal to cash comes after a series of scandals and heavy losses at the world’s oldest bank over the past two decades.

FT revealed last week that Brussels was keeping a close eye on the capital raising amid concerns that some investors, including a group of banks guaranteeing the full amount reserved for private investors, were being offered a range of sweeteners in exchange for their support.

Banks including Citibank, Bank of America, Credit Suisse and Mediobanca underwrote a capital increase of €807 million, while Milan-based asset manager Algebris did the same for an additional €50 million.

The lender has entered into additional agreements with other investors who have committed to buy any unsold shares, including the investment arm of French insurer Axa and Italian asset manager Anima.

This group of sub-underwriters will now contribute 19 percent of the total, according to the statement.

MPS is paying the banks €125 million in underwriting fees, and at the end of the process they will have to clear any unsold shares.

Under EU state aid rules, the state is allowed to contribute up to €1.6 billion from the total rights issue. Under the structure of the capital increase, the Italian Treasury can only invest €1.78 for every €1 contributed by investors or guaranteed by banks.

Italy’s new finance minister, Giancarlo Giorgetti, said on Monday that the government plans to sell its stake “in an orderly manner” and ensure that “MPS becomes a strong bank”.