Bernardo Mingrone CFO, Monte dei Paschi's, has announced that closing the Alexandria derivative trade with Nomura will cost the bank €750m, though he suggested that this would not show a loss on Bernardo Mingrone balance sheet since some of it had been accounted for. The bank, which had a €4.7bn ($5.3bn) net exposure to Nomura, has been reducing its exposure so as to be within regulatory limits, as required by the European Central Bank. Both banks have been at loggerheads over the trade "Alexandria", which was allegedly used to hide losses at both companies.
Monte dei Paschi's CFO, Bernardo Mingrone, has announced that closing the Alexandria derivative trade with Nomura will cost the bank €750m, though he suggested that this would not show a loss on Monte dei Paschi's balance sheet since some of it had been accounted for. The bank, which had a €4.7bn ($5.3bn) net exposure to Nomura, has been reducing its exposure so as to be within regulatory limits, as required by the European Central Bank. Both banks have been at loggerheads over the trade "Alexandria", which was allegedly used to hide losses at both companies.