Italy’s rescue of troubled lender Banca Monte dei Paschi di Siena SpA will cost the government about 6.6 billion euros ($7 billion), the country’s central bank says, providing the first official estimate of public funding.

The European Central Bank should have explained more clearly why it nearly doubled its estimated capital shortfall for the ailing Monte dei Paschi di Siena bank, which is being bailed out by the state, Italy's economy minister said.

Deutsche Bank AG, UniCredit SpA and eight other European Union banks would fall short of the European Central Bank’s capital demands on Banca Monte dei Paschi di Siena SpA based on stress-test results, highlighting potential objections to the plan.

The European Central Bank said Banca Monte dei Paschi di Siena SpA needs about 8.8 billion euros ($9.2 billion) to bolster its balance sheet, almost twice the amount the Italian lender had sought to raise in a failed capital increase.

Germany's finance ministry expressed concern yesterday about Italian plans to rescue the country's third biggest lender Monte dei Paschi di Siena, saying Rome must stick to European rules.

The European Central banks says it will need 8.8 billion euros