Carry On Up the Bank

The Monte dei Paschi had a board of directors meeting yesterday.  Their managing director Fabrizio Viola had these reassuring words for depositors:

"There is no run..." [on MPS] admitting however  that  in the first  days, as the scandal emerged  "obviously, especially for the more volatile components of funding, such as investment funds and institutional investors, there were outflows."* whose size he left untold.  So that's alright then.

The President of the Republic Napolitano, addressing journalists last week,  requested  restraint  in reporting the Monte dei Paschi  événements as such ongoing scandals could impact on the general election. 

The magistrates' auditors are now being sent into the Siena town hall (incestuously intertwined with the Bank and the national Partito Democratico) to examine their accounts. 

* "non c'è fuga di depositi....  come è logico, soprattutto nella componente piu volatile della raccolta, come fondi e istituzionali, ci sono stati dei movimenti in uscita".