Bank of Italy steps in to investigate ‘hidden' derivatives deals

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The Italian central bank has stepped in to investigate a growing scandal at Italy's oldest bank Monte dei Paschi di Siena (MPS), which has already cost the head of the country's banking association his job.

The Bank of Italy said on January 23 that the true nature of some of MPS's transactions had been "kept hidden from the supervisory authority". MPS revealed the same day that it is investigating three deals – called ‘Alexandria', ‘Santorini' and ‘Nota Italia' – and has requested €500 million i

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