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| World's oldest bank reports £2.7bn loss | World's oldest bank reports £2.7bn loss |
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| Italy's Banca Monte dei Paschi di Siena reported a bigger than expected yearly net loss as it booked higher bad debt provisions and losses on derivatives trades that are at the centre of a fraud investigation. Its 2012 loss of €3.2bn (£2.7bn) compared with an average estimated loss of €2.5bn in a Reuters poll of eight banks and brokerages, and followed a €4.7bn loss in 2011. | Italy's Banca Monte dei Paschi di Siena reported a bigger than expected yearly net loss as it booked higher bad debt provisions and losses on derivatives trades that are at the centre of a fraud investigation. Its 2012 loss of €3.2bn (£2.7bn) compared with an average estimated loss of €2.5bn in a Reuters poll of eight banks and brokerages, and followed a €4.7bn loss in 2011. |
| Italy's third-biggest lender, which received a €4bn state bailout last month, said it had set aside €2.7bn to cover bad debts, including €1.37bn in the fourth quarter alone. The fourth‑quarter figure followed an industry-wide audit of bad debts by the Bank of Italy. | Italy's third-biggest lender, which received a €4bn state bailout last month, said it had set aside €2.7bn to cover bad debts, including €1.37bn in the fourth quarter alone. The fourth‑quarter figure followed an industry-wide audit of bad debts by the Bank of Italy. |
| The Tuscan lender, the world's oldest bank, also booked a €730m pretax loss due to the restatement of three derivatives trades carried out by its previous management, whose full impact was only recently disclosed. | The Tuscan lender, the world's oldest bank, also booked a €730m pretax loss due to the restatement of three derivatives trades carried out by its previous management, whose full impact was only recently disclosed. |
| CEO Fabrizio Viola, appointed in 2012 to turn around the bank's fortunes, told analysts that the review of the bank's financial portfolio had been completed and there were no more skeletons in the closet. | CEO Fabrizio Viola, appointed in 2012 to turn around the bank's fortunes, told analysts that the review of the bank's financial portfolio had been completed and there were no more skeletons in the closet. |
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