Italian unease

Italy

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Banca Italease has paid a heavy price for its foray into the structured derivatives market. The Milan-based real estate and commercial leasing specialist has been reined in sharply by the Italian authorities after it revealed massive counterparty risk losses on its structured interest rate product portfolio. Italease warned in July that it had marked down the value of its derivatives holdings by EUR687 million - a loss that regulators blamed on inadequate risk management.

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