See on Scoop.it - La Gazzetta Di Lella - News From Italy - Italiaans Nieuws
The Bank of Italy has approved €3.9bn (£3.3bn) in loans to fund a deeply controversial state bailout of the world’s oldest bank, Monte dei Paschi di Siena.
See on telegraph.co.uk
via Tumblr http://italianentertainment.tumblr.com/post/41693464827
The Bank of Italy has approved €3.9bn (£3.3bn) in loans to fund a deeply controversial state bailout of the world’s oldest bank, Monte dei Paschi di Siena.
The Italian government’s rescue plan has caused public outrage amid claims that the bank may have hidden details of loss-making derivatives deals from regulators. Monte dei Paschi, founded in 1472, faces losses of up to €720m over a series of trades, several of which are now under internal investigation.
The scandal, which has convulsed Italy in the past week, is a heavy blow for the country’s third biggest bank, which has been in trouble for years.
The scale of the losses forced the lender to step up its negotiations for a second state bailout, which it sought lst year after failing to meet capital requirements set by European regulators.
See on telegraph.co.uk
via Tumblr http://italianentertainment.tumblr.com/post/41693464827