Milan

Grilli to discuss Monte dei Paschi in parliament

Monti says finance minister available to answer questions

Grilli to discuss Monte dei Paschi in parliament

Milan, January 24 - Italian Premier Mario Monti on Thursday said Finance Minister Vittorio Grilli would be available to answer questions in a parliament audition in relation to the government's role in the breaking Monte dei Paschi derivatives scandal. Monti was speaking to journalists at the World Economic Forum in Davos, Switzerland. Monte dei Paschi, the world’s oldest bank, is embroiled in a breaking derivatives scandal after reports emerged that a three-year-old deal with Japanese bank Nomura meant it would book additional losses running in the millions of euros. Some media outlets are reporting the losses could be as high as 700 million euros. Opposition members are slamming Monti's technocrat government for not having carried out proper due diligence of the bank before the state gave Italy's third-biggest lender 3.9 billion euros in government aid last year. The news led to the resignation of Monte dei Paschi ex-chairman Giuseppe Mussari from his post as chief of the Italian banking association ABI on Wednesday. Mussari denies any wrongdoing. The Bank of Italy on Wednesday said it had been unaware of the bank's current situation, adding that they were related to documents that had been "hidden" by the previous management.

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