Bank of Italy gives green light to €3.9bn MPS bailout

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The Bank of Italy has approved the disbursement of €3.9 billion ($5.2 billion) in bailout funds to embattled Italian bank Monte dei Paschi di Siena (MPS).

A statement published by the Bank of Italy on January 26 said the executive board had a "favourable opinion" of the issuance of so-called ‘New Financial Instruments', but gave no further details.

MPS said the bailout funds will provide "adequate prudential coverage" for any losses incurred as a result of three derivatives trades that went

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