Thursday, July 10, 2014

Italy central bank: Montepaschi hid transactions

February 20. 2013 3:26AM
Story Tools
PrintPrint | E-MailEMail | SaveSave | Hear Generate QR Code QR
Send to Kindle

(AP) The Bank of Italy says former managers of bank Monte dei Paschi di Siena hid complex financial transactions that reportedly will cost it 200 million ($293 million) in 2012 profits.

Shares in the world's oldest running bank tumbled another 7 percent, to 0.23, on Thursday as the scandal at the bank got caught up in the campaigns for February's elections.

The Bank of Italy said in a statement that derivative purchases reported by the media were disclosed to it only recently after hidden documents were found by the bank's new management. The central bank said both its oversight division and judicial authorities were reviewing the transactions.

Italian Economic Minister Vittorio Grilli said, meanwhile, that the government had been aware of problems at the bank for at least a year.

Associated Press

comments powered by Disqus Commenting Guidelines
Mortgage Minute

Search for New & Used Cars

Used New All

Search Times Leader Classifieds to find just the home you want!

Search Times Leader Classifieds to find just what you need!

Search Pet Classifieds
Dogs Cats Other Animals

Social Media/RSS
Times Leader on Twitter
Times Leader on Youtube
Times Leader on Google+
The Times Leader on Tumblr
The Times Leader on Pinterest
Times Leader RSS Feeds