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Monte Paschi foundation denies liquidity problems
February 1, 2013 / 1:16 PM / 5 years ago

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)

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