The Phaserl


First Cyprus, Next Italy? Italy’s Monte dei Paschi Bank Reports a $4.1B Loss, Bringing New Fears About Europe Finances

from Fox News:

Customers of an Italian bank have seen deposits fall by “a few billion euros” after a scandal in February, the bank announced Saturday.

According to Reuters, Monte dei Paschi bank reported a yearly loss of 3.2 billion euros ($4.1 billion) – a  higher-than-expected net loss for 2012 – after loss-making derivatives trades at the lender amounting to 730 million euros.  Bad loans also contributed to the loss.

The bank’s chief financial officer said after the earnings were released on Thursday that it was “quick in recovering ground in March” on the lost deposits in February.

The figures highlight the scale of the problems at Italy’s third-biggest lender, which received a 4 billion euro ($5.1 billion) state bailout last month, according to Reuters.

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