Rome

MPS reported for not providing correct information

Watchdog requests probe into troubled bank

MPS reported for not providing correct information

Rome, August 23 - Consumer association Codacons on Friday said it filed a report to Italy's stock market watchdog Consob in February against the current management of Italy's third-biggest bank, Monte dei Paschi di Siena (MPS) in which it claims it provided "incorrect or only partially complete" information about the financing of its Banca Antonveneta acquisition, as well as a state-debt transaction the lender executed with investment bank Nomura. The data in question relates to information provided by MPS on April 23, 2012, April 24 2012, May 10, 2012, June 25, 2012, July 6, 2012, July 20, 2012 and October 1, 2012, when the new management team headed by Chairman Alessandro Profumo and CEO Fabrizio Viola were already in place, Codacons said in a statement. Consob has asked prosecutors to open an investigation to determine whether MPS engaged in practises that served to obstruct regulators. Consob already in September 2012 recognized that the MPS-Nomura transaction could have embedded within it a hidden credit default swap, and as such had forced MPS to correct its accounts, Codacons said. In January this year Codacons had announced it was suing the bank for damage compensation on behalf of clients and shareholders affected by a derivatives scandal. Investigations into the bank began early this year after it emerged that a previously undisclosed series of derivative and structured-finance deals produced losses of around 720 million euros for MPS.

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