On Air Now

Current Show

The Huge Show   3:00 PM - 5:00 PM

We're talkin' sports on The Huge Show

Show Info »

Upcoming Shows

Program Schedule »

Listen

Listen Live Now » 1450 AM Holland, MI

Weather

Current Conditions(Holland,MI 49422)

More Weather »
73° Feels Like: 73°
Wind: SW 12 mph Past 24 hrs - Precip: 0”
Current Radar for Zip

Tonight

Thundershowers 65°

Tomorrow

Isolated Thunderstorms 80°

Sat Night

Partly Cloudy 64°

Alerts

Monte Paschi source denies report of 920 mln euro derivatives loss

MILAN (Reuters) - A source at Italian bank Monte dei Paschi on Wednesday denied a report in an Italian newspaper that the lender would announce a derivatives loss of 920 million euros ($1.24 billion) at a board later in the day.

Il Sole 24 Ore daily said the bank would reveal losses of 920 million euros from three derivative trades, much higher than the previously announced amount of 720 million euros, plus a further loss of 120 million euros in "personnel costs."

The source declined to elaborate.

The three 2006-09 derivatives trades only recently came to light and are now at the center of an investigation against former executives at Italy's No. 3 bank.

(Reporting by Stefano Bernabei, writing by Jennifer Clark)

Comments