Monte Paschi says derivatives loss totals 730 million euros

SIENA, Italy Wed Feb 6, 2013 9:36pm GMT

The entrance of Monte Dei Paschi bank headquarters is pictured in Siena January 24, 2013. REUTERS/Stefano Rellandini

The entrance of Monte Dei Paschi bank headquarters is pictured in Siena January 24, 2013.

Credit: Reuters/Stefano Rellandini

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SIENA, Italy (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.

(Reporting By Silvia Aloisi and Stefano Bernabei)

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