Monte Paschi says three derivative trades under review
MILAN (Reuters) - Banca Monte dei Paschi di Siena, Italy's third biggest lender, said on Wednesday three loss-making derivative trades were currently under review, including a previously undisclosed trade known as Nota Italia.
The bank said in a statement it believed that the 500 million euros in extra state aid it requested in November would be enough to absorb the capital impact of those deals.
The derivative trades under scrutiny are the Alexandria transaction with Japanese bank Nomura, the Santorini transaction with Deutsche Bank and the Nota Italia transaction with an unspecified bank.
The bank said none of those trades were submitted to its board for approval. It will submit its findings on the trades by mid-February.
In an interview with Sky television, the bank's CEO, Fabrizio Viola, said he believed Italian regulators did not have sufficient information about the deals and that there had not been proper accounting of the operations.
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