Monte Paschi says no more derivatives losses

Monte Dei Paschi bank headquarters is pictured in Siena January 25, 2013. cheap Canada Goose REUTERS/Stefano RellandiniThe derivative trades are at the heart of a fraud https://www.canadagooseoutlet4online.com probe into former management of the world oldest bank, raising doubts about the effectiveness of banking supervisors, including European Central Bank chief Mario Draghi, who was Bank of Italy governor from canada goose coats 2006 to 2011, and the role of politicians, who agreed a state bailout for the lender.Later on Thursday at an ECB news conference, Draghi uk canada goose outlet is likely to be asked how much he knew of buy canada goose jacket cheap the trades.Facing a grilling from analysts at a conference call a day after the bank revealed the full extent of the losses linked to three derivative contracts, Canada Goose sale the bank management also canada goose store said on Thursday the Treasury was canada goose black friday sale likely to take a stake in the lender Canada Goose Coats On Sale by 2014.are no more Santorini, Chief Executive Fabrizio Viola canada goose said, referring to one of the three trades at the heart of a fraud probe into former management of the bank.The bank woes spiraled out of control in the wake of the 9 billion euro acquisition of smaller rival Antonveneta in 2007, which left Monte Paschi badly weakened just before the global financial crisis erupted.After being further hit by the euro zone debt Canada Goose online crisis, Monte dei Paschi last month won final approval for a 3.9 billion euro state bailout, the only Italian lender to need one.As elections near canada goose factory sale on February 24 25, former prime minister Silvio Berlusconi, leading the centre right election charge, Canada Goose Parka has used the bank woes to attack both his centre left rivals and outgoing prime minister Mario buy canada goose jacket Monti, whose Treasury approved the bailout.The findings of an internal review canada goose uk outlet of canadian goose jacket the trades, uk canada goose which the bank current chiefs say were partially hidden, were submitted on Wednesday to the board, and may lead Canada Goose Outlet to a restatement of past financial accounts.MORE SKELETONS Viola and Chief canadagooseoutlet4online Financial Officer Bernardo Mingrone were asked repeatedly by analysts whether there may be more skeletons in the bank closet, and why the problematic trades had not yet been closed.They said the review of the bank entire financial portfolio was now complete, ruling out further canada goose coats on sale losses, and that the trades had been restructured but were still in place because it was not convenient to terminate them.The loss from the trades will likely increase the overall 2012 losses for the cheap canada goose uk Tuscan lender, which had already posted a net loss of 1.66 billion euros in the first canada goose uk shop nine months.Sources close to the matter have told Reuters the bank has been negotiating with Deutsche Bank and Nomura to restructure or close canada goose uk black friday the deals. One source said the negotiations with Deutsche Bank were going well, while those with Nomura were dragging. Deutsche Bank and Nomura declined Canada Goose Jackets to comment.Mingrone also told analysts that the bank would pay a 2012 coupon canada goose clearance sale of 171 million euros on existing bonds the state holds by issuing more bonds. That option would not be possible in future, so canada goose clearance if, as expected, the bank does not make enough profit in 2013 to pay the Canada Goose Online coupon in cash, it will issue shares to the Treasury instead. Mingrone confirmed that the likely scenario.Viola also sought to reassure investors and current account holders by saying there had not been no run on the bank deposits despite all the bad publicity surrounding the scandal.