April 4, 2013 / 1:23 PM / in 5 years

Bank of Italy fines former Monte Paschi management: sources

FLORENCE, Italy (Reuters) - The Bank of Italy has fined former Monte dei Paschi di Siena (BMPS.MI) board members and other managers involved in irregular structured trades more than 5 million euros, two sources close to the situation said on Thursday.

The entrance of Monte Dei Paschi bank headquarters is pictured in Siena January 24, 2013. REUTERS/Stefano Rellandini

“The Bank of Italy imposed triple legal maximums against the former board of directors, the auditors and other members of high management for a total of about 5 million euros,” one of the sources said.

Risky derivatives trades at Italy’s third biggest lender, the subject of a criminal investigation in Siena, were partly responsible for huge losses that forced the bank to take a state bailout last month.

Reporting by Silvia Ognibene; writing by Naomi O'Leary; Editing by Lisa Jucca

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