Martedì, 23 Ottobre 2018

Italy's president says Paschi situation 'serious'


Milan, January 24 – Italian President Giorgio
Napolitano on Thursday said the situation Italian bank Monte dei
Paschi di Siena is in was "serious" and said he had full faith
in the Bank of Italy which was taking care of the matter.
Monte dei Paschi (MPS), the world’s oldest bank, is
currently embroiled in a derivatives scandal after reports
emerged that a three-year-old derivative deal with Japanese bank
Nomura meant it would book additional losses running in the
millions of euros.
"I am not a banks expert but if the matter is serious, it
needs to be taken care of it", Napolitano said. "And I have full
faith in the Bank of Italy", he added.
Napolitano was answering journalists' questions in Turin.
The news reported by Italian media outlets led to the
resignation of Monte dei Paschi ex-chairman Giuseppe Mussari
from his post as chief of the Italian banking association ABI on
Mussari denies any wrongdoing.
Last year MPS, Italy's third-biggest lender, had to request
3.9 billion euros in government aid due to possible losses from
past transactions related to its exposure to Italian state debt.

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