Rome

MPS CEO Viola says there are no more derivatives risks

Finance should play only 'residual' role in commercial banks

MPS CEO Viola says there are no more derivatives risks

Rome, February 7 - Troubled lender Monte dei Paschi di Siena (MPS) bank's chief executive on Thursday said there are no more high-risk derivatives operations on the bank's books. During a conference call, Fabrizio Viola said that "in a commercial bank like MPS, finance must have a residual role and in any case it must be functional to the bank's (main) activities". Viola was referring to the derivatives scandal at MPS which has shaken Italy's third-largest lender and scared off investors. On Wednesday MPS said that total losses from failed high-risk derivatives operations at the 541-year-old bank reached 730 million euros. During the conference call Thursday Viola said there were no other derivatives operations like Santorini - the complex operation which led to part of the bank's huge losses - on the banks books.

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