The European Central Bank refused to grant additional financing for the world's oldest Bank's share price fell more than 7%

Sources told CNBC said the European Central Bank refused to give Italy the West James banks (Monte dei Paschi) extra time, financing, and operating funds to finance.

David Seah that banks on Thursday asked for more time, to capital increase of 5 billion euros (US $5.4 billion), the replenishment time expired this month.

The Bank claimed that Italy's political crisis continued, before the formation of the new Government, the Bank will not be able to reach a final agreement with investors.

But the ECB believes that David Seah has given the Bank enough time to deal with their bad debt problems.

In 2014, the banks fail European Bank stress tests, the European Central Bank would continue its financial stability.

Earlier this year, the Bank stress tests fail for the second time.

Talking to the ECB refused to comment on the matter. David Seah that bank shares rose this morning, but after the ECB announcement, its share price fell by more than 7%.