January 28, 2013 / 6:41 PM / in 5 years

FSB's Carney says Monte Paschi no threat to system

ZURICH, Jan 28 (Reuters) - Problems at Italy’s Monte dei Paschi di Siena pose no threat to the wider financial system, Mark Carney, chairman of the global Financial Stability Board, said on Monday.

Carney said the FSB, a regulatory task force for the Group of 20 leading economies (G20), discussed “current vulnerabilities” at its meeting in Zurich on Monday but that did not include the Italian bank.

“It’s an unfortunate development for that bank but it is an idiosyncratic event, so no one raised it,” Carney told a news conference.

The bank has run into trouble since its 9 billion euro cash purchase of rival Banca Antonveneta in 2007, just before the financial crisis.

Reporting by Emma Thomasson, writing by Huw Jones

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