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Bank of Italy expressed concern about Monte Paschi in 2010: newspaper
January 25, 2013 / 10:17 AM / 5 years ago

Bank of Italy expressed concern about Monte Paschi in 2010: newspaper

ROME (Reuters) - The Bank of Italy expressed concern as long ago as 2010 about derivative investments at Banca Monte dei Paschi di Siena, an Italian newspaper said on Friday citing an official document.

“Some of the long-term investments have risk profiles that are inadequately controlled and were not referred to the executive administrative body,” a central bank document said about two derivatives trades after an inspection in 2010, according to Corriere della Sera.

On Wednesday, the Bank of Italy said the new management at Monte dei Paschi had produced documents about the derivatives trades that had previously been hidden from it.

Monte dei Paschi this week revealed derivatives trades that could cost it as much as 720 million euros. Contacted by Reuters, a Bank of Italy spokeswoman had no immediate comment on the report.

Reporting by Steve Scherer; editing by Barry Moody

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