
Italian market regulator Consob has defended itself as regards the crisis in which the third-largest bank in the European country Banca Monte dei Paschi di Siena SpA is currently embroiled, according to a report by Reuters. Investigations are going on into allegations of malpractices at the bank.
Monte Paschi, the oldest bank in the world, was alleged to have covered up losses through accounting malpractices. A number of structured finance and derivative deals has amassed losses of around €720 million.
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