Sponsored by: Investment Center

Something new in your business?  Click here to submit your business press release

Chamber Corner | Main Street News | Job Hunt | Classifieds | Calendar | Illinois Lottery 

MontePaschi puts derivative losses at $987 million

Send a link to a friend

[February 07, 2013]  MILAN (AP) -- Embattled Italian bank Monte dei Paschi di Siena says its loss-making derivative trades will cost it euro730 million ($987 million).

CEO Fabrizio Viola said in a conference call Thursday that two of the transactions were transformed last month, which will help curb losses thanks to favorable trends in bond markets. The third had been previously restructured. All three had remained hidden for years until new management took over in 2012.

The losses will be included in balance sheets to be released in March.

The bank has sought euro3.9 billion in government aid to absorb the impact of the trades and as a buffer to its high exposure to Italian sovereign debt.

Chief financial officer Bernardo Mingrone said the bank will need an additional year, until 2016, to reimburse the bonds.

[Associated Press]

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.






< Top Stories index

Back to top


News | Sports | Business | Rural Review | Teaching & Learning | Home and Family | Tourism | Obituaries

Community | Perspectives | Law & Courts | Leisure Time | Spiritual Life | Health & Fitness | Teen Scene
Calendar | Letters to the Editor