Italy's MPS scandal widens among anger and reassurances

 　　MILAN, Italy, Jan. 25 (Xinhua) -- Italy's caretaker prime minister Mario Monti on Friday pledged to clear up a derivatives¹ scandal at the country's third-largest bank Monte dei Paschi di Siena (MPS) which has been dragged into the heart of an electoral campaign for its ties with the center-left Democratic Party (PD).

　　"It is a matter of achieving the maximum clarity .. also from the penal² standpoint if necessary," Monti told Rai state radio as the lender, in an extraordinary meeting faced with shareholders³' anger, agreed plans for a capital increase to underpin⁴ a request of 3.9 billion euros (5.2 billion U.S. dollars) of state bailout.

　　Local reports broke the news this week that up to around 750 million euros had been lost by MPS in "secrete⁵" deals with Japanese bank Nomura and German bank Deutsche Bank that MPS said it only recently discovered after its new management team launched an accounting⁶ overhaul⁷.

　　The "hole" added up to a series of setbacks for the oldest bank in the world that was already on track to end 2012 in the red after it stocked up 1.6-billion-euro losses related to its exposure to 24 billion euros of Italian sovereign debt, and facing an investigation⁸ for the as costly⁹ as shady acquisition of smaller rival Antonveneta in 2007.

　　The episode, which forced former chairman Giuseppe Mussari to step down as head of the Italian Banking¹⁰ Association (ABI), piled pressure on PD which has historically been closely linked to MPS, and spurred strong criticism of the Monti government for using taxpayers¹¹' money to save the lender.

　　Monti, who is running in the Feb. 24-25 national election at the helm of a centrist coalition¹² against PD leader Pier¹³ Luigi Bersani, who now leads opinion polls said that the center-left "had a role" in the scandal due to its long-standing "influence" on MPS.

　　The historical phenomenon of "mingling¹⁴ banking and politics has to be further rooted out," he said.

　　Though he vowed¹⁵ to address parliament on the matter, the outgoing prime minister denied his cabinet shared responsibility and reassured¹⁶ Italians that the scandal did not affect the country's "solid banking system" as a whole.

　　The MPS's shares, which had dropped 20 percent this week, rebounded¹⁷ on Friday, rising over 11 percent. Yet, the bank was overwhelmed by shareholders' anger over its mounting losses, while some experts raised the prospect¹⁸ of nationalization.

　　During the Friday meeting, Beppe Grillo, a comedian¹⁹ turned politician who has mustered²⁰ thousands of Italians disillusioned²¹ with mainstream²² parties, accused MPS of hiding "a 14-billion-euro shortfall" in its accounts, prompting Chairman Alessandro Profumo to shoot back there was "no hole" though he could not give up-to-date figures as an internal probe was pending²³.

　　Other shareholders expressed sorrow for the turmoil²⁴ surrounding "a bank whose origins date back to the Renaissance²⁵."According to a statement from the bank's CEO Fabrizio Viola, as far as there are losses, these are not expected to impact the balance sheet, a professor of financial markets and intermediaries at Bocconi University of Milan, Stefano Gatti, told Xinhua.

　　Gatti said should the derivatives loss amount indeed to around 750 million euros as supposed so far, it can be easily absorbed by the bank's current assets.

　　"However, there is a big question mark here, as the losses could also be much bigger," he pointed²⁶ out.

　　The head of Italy's central bank Ignazio Visco, under pressure for its supervision²⁷ of the case, also rejected criticism while echoing the MPS management that there was no threat to the stability of the lender.

　　"It is wrong to insinuate²⁸ that there was a lack of supervision by the Bank of Italy," he told CNBC television at the sidelines of the World Economic Forum²⁹ in Davos.

　　However, doubts were raised about the central bank's declaration that it was unaware³⁰ of the derivatives contracts by largest circulation newspaper Corriere della Sera, which quoted documents showing that inspectors³¹ had expressed concerns about the monitoring of those deals in 2010.

1 derivatives   

n.衍生性金融商品；派生物，引出物( derivative的名词复数 )；导数

参考例句：

• Many English words are derivatives of Latin words. 许多英语词来自拉丁语。 来自《简明英汉词典》
• These compounds are nitrosohydroxylamine derivatives. 这类合成物是亚硝基羟胺衍生物。 来自辞典例句

2 penal   

adj.刑罚的；刑法上的

参考例句：

• I hope you're familiar with penal code.我希望你们熟悉本州法律规则。
• He underwent nineteen years of penal servitude for theft.他因犯了大窃案受过十九年的苦刑。

3 shareholders   

n.股东( shareholder的名词复数 )

参考例句：

• The meeting was attended by 90% of shareholders. 90%的股东出席了会议。
• the company's fiduciary duty to its shareholders 公司对股东负有的受托责任

4 underpin   

v.加固，支撑

参考例句：

• China needs regional stability to underpin its continued economic growth.中国需要地区稳定来巩固其持续的经济增长。
• These developments are underpinned by solid progress in heavy industry.重工业的稳固发展为这些进展打下了基础。

5 secrete   

vt.分泌；隐匿，使隐秘

参考例句：

• The pores of your body secrete sweat.身上的毛孔分泌汗液。
• Squirrels secrete a supply of nuts for winter.松鼠为准备过冬而藏坚果。

6 accounting   

n.会计，会计学，借贷对照表

参考例句：

• A job fell vacant in the accounting department.财会部出现了一个空缺。
• There's an accounting error in this entry.这笔账目里有差错。

7 overhaul   

v./n.大修，仔细检查

参考例句：

• Master Worker Wang is responsible for the overhaul of this grinder.王师傅主修这台磨床。
• It is generally appreciated that the rail network needs a complete overhaul.众所周知，铁路系统需要大检修。

8 investigation   

n.调查，调查研究

参考例句：

• In an investigation,a new fact became known, which told against him.在调查中新发现了一件对他不利的事实。
• He drew the conclusion by building on his own investigation.他根据自己的调查研究作出结论。

9 costly   

adj.昂贵的，价值高的，豪华的

参考例句：

• It must be very costly to keep up a house like this.维修这么一幢房子一定很昂贵。
• This dictionary is very useful,only it is a bit costly.这本词典很有用，左不过贵了些。

10 banking   

n.银行业，银行学，金融业

参考例句：

• John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
• He possesses an extensive knowledge of banking.他具有广博的银行业务知识。

11 taxpayers   

纳税人，纳税的机构( taxpayer的名词复数 )

参考例句：

• Finance for education comes from taxpayers. 教育经费来自纳税人。
• She was declaiming against the waste of the taxpayers' money. 她慷慨陈词猛烈抨击对纳税人金钱的浪费。

12 coalition   

n.结合体，同盟，结合，联合

参考例句：

• The several parties formed a coalition.这几个政党组成了政治联盟。
• Coalition forces take great care to avoid civilian casualties.联盟军队竭尽全力避免造成平民伤亡。

13 pier   

n.码头；桥墩，桥柱；[建]窗间壁，支柱

参考例句：

• The pier of the bridge has been so badly damaged that experts worry it is unable to bear weight.这座桥的桥桩破损厉害，专家担心它已不能负重。
• The ship was making towards the pier.船正驶向码头。

14 mingling   

adj.混合的

参考例句：

• There was a spring of bitterness mingling with that fountain of sweets. 在这个甜蜜的源泉中间，已经掺和进苦涩的山水了。
• The mingling of inconsequence belongs to us all. 这场矛盾混和物是我们大家所共有的。

15 vowed   

起誓，发誓（vow的过去式与过去分词形式）

参考例句：

• He vowed quite solemnly that he would carry out his promise. 他非常庄严地发誓要实现他的诺言。
• I vowed to do more of the cooking myself. 我发誓自己要多动手做饭。

16 reassured   

adj.使消除疑虑的；使放心的v.再保证，恢复信心( reassure的过去式和过去分词)

参考例句：

• The captain's confidence during the storm reassured the passengers. 在风暴中船长的信念使旅客们恢复了信心。 来自《现代英汉综合大词典》
• The doctor reassured the old lady. 医生叫那位老妇人放心。 来自《简明英汉词典》

17 rebounded   

弹回( rebound的过去式和过去分词 )； 反弹； 产生反作用； 未能奏效

参考例句：

• The ball rebounded from the goalpost and Owen headed it in. 球从门柱弹回，欧文头球将球攻进。
• The ball rebounded from his racket into the net. 球从他的球拍上弹回网中。

18 prospect   

n.前景，前途；景色，视野

参考例句：

• This state of things holds out a cheerful prospect.事态呈现出可喜的前景。
• The prospect became more evident.前景变得更加明朗了。

19 comedian   

n.喜剧演员；滑稽演员

参考例句：

• The comedian tickled the crowd with his jokes.喜剧演员的笑话把人们逗乐了。
• The comedian enjoyed great popularity during the 30's.那位喜剧演员在三十年代非常走红。

20 mustered   

v.集合，召集，集结（尤指部队）( muster的过去式和过去分词 )；（自他人处）搜集某事物；聚集；激发

参考例句：

• We mustered what support we could for the plan. 我们极尽所能为这项计划寻求支持。
• The troops mustered on the square. 部队已在广场上集合。 来自《简明英汉词典》

21 disillusioned   

a.不再抱幻想的，大失所望的，幻想破灭的

参考例句：

• I soon became disillusioned with the job. 我不久便对这个工作不再抱幻想了。
• Many people who are disillusioned in reality assimilate life to a dream. 许多对现实失望的人把人生比作一场梦。

22 mainstream   

n.（思想或行为的）主流；adj.主流的

参考例句：

• Their views lie outside the mainstream of current medical opinion.他们的观点不属于当今医学界观点的主流。
• Polls are still largely reflects the mainstream sentiment.民调还在很大程度上反映了社会主流情绪。

23 pending   

prep.直到，等待…期间；adj.待定的；迫近的

参考例句：

• The lawsuit is still pending in the state court.这案子仍在州法庭等待定夺。
• He knew my examination was pending.他知道我就要考试了。

24 turmoil   

n.骚乱，混乱，动乱

参考例句：

• His mind was in such a turmoil that he couldn't get to sleep.内心的纷扰使他无法入睡。
• The robbery put the village in a turmoil.抢劫使全村陷入混乱。

25 renaissance   

n.复活，复兴，文艺复兴

参考例句：

• The Renaissance was an epoch of unparalleled cultural achievement.文艺复兴是一个文化上取得空前成就的时代。
• The theme of the conference is renaissance Europe.大会的主题是文艺复兴时期的欧洲。

26 pointed   

adj.尖的，直截了当的

参考例句：

• He gave me a very sharp pointed pencil.他给我一支削得非常尖的铅笔。
• She wished to show Mrs.John Dashwood by this pointed invitation to her brother.她想通过对达茨伍德夫人提出直截了当的邀请向她的哥哥表示出来。

27 supervision   

n.监督，管理

参考例句：

• The work was done under my supervision.这项工作是在我的监督之下完成的。
• The old man's will was executed under the personal supervision of the lawyer.老人的遗嘱是在律师的亲自监督下执行的。

28 insinuate   

vt.含沙射影地说，暗示

参考例句：

• He tried to insinuate himself into the boss's favor.他设法巧妙地渐渐取得老板的欢心。
• It seems to me you insinuate things about her.我觉得你讲起她来，总有些弦外之音。

29 forum   

n.论坛，讨论会

参考例句：

• They're holding a forum on new ways of teaching history.他们正在举行历史教学讨论会。
• The organisation would provide a forum where problems could be discussed.这个组织将提供一个可以讨论问题的平台。

30 unaware   

a.不知道的，未意识到的

参考例句：

• They were unaware that war was near. 他们不知道战争即将爆发。
• I was unaware of the man's presence. 我没有察觉到那人在场。

31 inspectors   

n.检查员( inspector的名词复数 )；（英国公共汽车或火车上的）查票员；（警察）巡官；检阅官

参考例句：

• They got into the school in the guise of inspectors. 他们假装成视察员进了学校。 来自《简明英汉词典》
• Inspectors checked that there was adequate ventilation. 检查员已检查过，通风良好。 来自《简明英汉词典》