EBA was right to ask for Monte Paschi recapitalisation - Enria

MILAN Thu Jan 31, 2013 5:45am EST

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MILAN Jan 31 (Reuters) - The European Banking Authority (EBA) was right to ask for a recapitalisation at Italy's Monte dei Paschi di Siena, the body's chief told reporters.

"Now that losses at MPS have materialised I believe we can acknowledge that EBA was right to ask for a recapitalisation," EBA's chairman Andrea Enria said on the sidelines of a conference on Thursday.

The Siena-based bank is in a crisis over an opaque series of derivatives and structured finance deals that have produced losses of 720 million euros ($970 million) and raised questions about possible corruption by bank officials. (Reporting by Francesca Landini, editing by Stephen Jewkes)

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