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Monte Paschi hasn't yet met terms for state loans - Treasury
January 24, 2013 / 3:36 PM / 5 years ago

Monte Paschi hasn't yet met terms for state loans - Treasury

ROME, Jan 24 (Reuters) - The Italian Treasury on Thursday said troubled bank Monte dei Paschi di Siena has not yet fulfilled the conditions needed to receive some 3.9 billion euros of state loans that have been authorised but still not received.

Monte Paschi shareholders must formally approve the request at a meeting scheduled for Friday, and the Bank of Italy must give its opinion on the operation before it can go ahead, the Treasury said in a statement.

Italy’s third largest bank could face losses of as much as 720 million euros ($956 million) on past trades in financial derivatives which came to light this week, chief executive Fabrizio Viola has said. (Reporting by Gavin Jones)

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