Closure of Alexandria trade would cost Monte Paschi 1 billion euros

April 16, 2015 10:06 AM

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Closure of Alexandria trade would cost Monte Paschi 1 billion euros

SIENA (Reuters) - The European Central Bank has told Monte dei Paschi di Siena (BMPS.MI) to close a loss-making derivatives trade with Nomura (8604.T) by late July, a move that would generate a pre-tax loss of 1 billion euros ($1.06 billion), according to a letter sent by the bank to prosecutors.

The letter, dated Feb. 18 and seen by Reuters, said the ECB had told the Italian bank that the trade should be closed by July 26 "unless a proven legal impediment arose in the future as a consequence of the ongoing civil proceeding or criminal investigation."

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