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Monte Paschi says derivatives loss totals 730 mln euros
February 6, 2013 / 9:35 PM / 5 years ago

Monte Paschi says derivatives loss totals 730 mln euros

SIENA, Italy, Feb 6 (Reuters) - Italy’s third biggest lender, Banca Monte dei Paschi di Siena, said on Wednesday that losses stemming from three 2006-09 derivatives trades stood at 730.3 million euros, before taking into account any possible fiscal impact.

After a board meeting which lasted more than 6 hours, the bank said there had been errors in the accounting of the three trades in previous financial statements.

It said those mistakes would be corrected in the 2012 accounts.

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