Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Consumer Group Asks Prosecutors to Examine Monte Paschi

Don't Miss Out —
Follow us on:

June 20 (Bloomberg) -- Codacons, a consumer group, asked prosecutors in Rome and Siena to investigate Banca Monte dei Paschi di Siena SpA’s managers for falsifying Italy’s third-largest bank’s accounts.

Monte Paschi’s 2012 balance sheet includes “significant irregularities,” Rome-based Codacons said on its website today. The bank improperly classified 7 billion euros ($9.2 billion) of derivatives as government bonds and correlated operations to hide as much as 2 billion euros in losses, the group said.

Codacons also challenged state aid received by the Siena-based bank on the grounds it was obtained by misrepresenting the lender’s finances. In addition, Codacons asked prosecutors to investigate the supervision of Monte Paschi by the Bank of Italy and Consob, the market regulator.

Monte Paschi is being probed by regulators and prosecutors after using derivatives to hide losses. The bank received 4.1 billion euros in February by selling bonds to the government.

Officials at Consob, Bank of Italy and Monte Paschi declined to comment on Codacons’s request for an investigation.

To contact the reporters on this story: Sonia Sirletti in Milan at ssirletti@bloomberg.net; Elisa Martinuzzi in Milan at emartinuzzi@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.