Bank of Italy says troubled MPS won't fall into receivership

Central bank says no immediate action for Monte dei Paschi

Bank of Italy says troubled MPS won't fall into receivership

Rome, January 28 - The head of Italy's central bank says that the troubled Monte dei Paschi di Siena is not facing the possibility of receivership, sources said Monday. Ignazio Visco, governor of the Bank of Italy, has denied the need for "immediate action" concerning the bank, despite its massive financial troubles, according to sources. Last week, news broke that lossmaking derivatives trades by MPS, the world's oldest bank, could cost it as much as 720 million euros. The European Commission recently gave provisional backing to a 3.9-billion-euro Italian government bailout for the bank "to preserve the stability of the Italian financial system". Meanwhile, authorities confirmed Monday that the bank faces at least two tax audits. One relates to the 142-million-euro sale of Rome's Palazzo dei Normanni and the second, to a capital gain of 120 million euros from the sale of equities in another Italian financial group, Unipol Assicurazioni.

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