January 25, 2013 / 12:36 PM / 5 years ago

European Commission waiting for Monte Paschi restructuring plan

BRUSSELS, Jan 25 (Reuters) - The European Commission is in contact with Italian authorities over the derivatives scandal at Monte dei Paschi bank and is awaiting details on plans for its restructuring, a spokesman said on Friday.

“All I can say is that we have been in contact with the Italian authorities with regards to the situation in that bank,” Antoine Colombani said.

“Recently as you know we adopted a decision whereby temporary rescue aid for it can be granted for a six month period. Monte Paschi and the Italian authorities will have to submit a restructuring plan by the deadline,” he said.

The bank, the world’s oldest, is enmeshed in a scandal over losses of nearly $1 billion in a series of complex derivatives deals.

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