Italian Banks Post Heavy Loss Provisioning
News: Several Italian banks have announced heavy loss provisioning after Italy-based UniCredit reported an annual loss of EUR14bn (US$19.47bn) on March 11 2014. The move comes ahead of banks' balance sheet probing by the European Central Bank. Italian bank Monte dei Paschi di Siena reported a loss of EUR921mn (US$1.28bn) in Q413. UBI and Banca Popolare di Milano also posted a rise in loss provisioning in Q413, although both reported a meagre profit during the period.