Monte Paschi says derivatives loss totals 730 million euros
February 7, 2013 8:42 AM EST
Italy's third biggest lender, Banca Monte dei Paschi di Siena, said on Wednesday that losses stemming from three 2006-09 derivatives trades stood at 730.3 million euros, before taking into account any possible fiscal impact.
After a board meeting which lasted more than 6 hours, the bank said there had been errors in the accounting of the three trades in previous financial statements.
It said those mistakes would be corrected in the 2012 accounts.
(Reporting By Silvia Aloisi and Stefano Bernabei)
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