Banca Italease restructures after losses
The Milan-based bank attributed the losses to inadequate controls for evaluating risks and monitoring its derivatives portfolio. It is consequently undergoing an internal review of its liabilities and risks and will adopt directives for derivatives trading. The bank also plans to replenish its capital through a rights issue for a maximum of €700 million before year-end.
The bank started trading derivatives in 2003, but began to experience problems only in January this year. Many of the contracts
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