Monte Paschi foundation denies liquidity problems
SIENA Feb 1 (Reuters) - The foundation which controls Italy's scandal-hit Banca Monte dei Paschi denied on Friday media reports it could face liquidity problems in the coming months.
"Everything is under control," said Gabriello Mancini, chairman of the charitable foundation which holds a 35 percent stake in the Tuscan lender.
Monte dei Paschi is facing losses of around 720 million euros ($977 million) on a series of derivative and structured finance transactions.
The bank was already badly weakened by paying 9 billion euros cash for rival Antonveneta just before the 2008 financial markets crisis. (Reporting by Mark Potter)
- Tweet this
- Share this
- Digg this
- Tesco accounting black hole deepens, chairman to step down |
- Germany's Merkel deals blow to UK on EU migration reform - Sunday Times
- Iraqi security forces and Kurds gain ground against Islamic State
- 'We won't pay,' furious Cameron tells EU over surprise bill |
- Caterham and Marussia to miss next races - Ecclestone