Joe lynam bbc business reporters

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Joe lynam bbc business reporters

These are external links and will open in a new window Close share panel Media playback is unsupported on your device Media captionJoe Lynam explains how the derivatives deals worked Several UK-based investment banks have been accused of mis-selling financial products to Italian cities and regions.

The banks deny wrongdoing, but refused to comment further because the matter is now before the Italian courts. Now those Swap derivatives look as if they could further damage the entire Italian economy - the third largest in the eurozone. Sicily has already needed a m-euro bailout from the federal government in Rome, which itself may soon need aid from its eurozone partners to stay financially afloat.

joe lynam bbc business reporters

On Monday, official figures revealed that the Italian economy, which has contracted for the past four quarters, shrank by 0. Between anddozens of Italian cities and regions borrowed bn euros from London-based joe lynam bbc business reporters banks - the repayments of which were funded by a type of derivative called a Swap Although these Swap deals appeared to offer attractive interest rates, in reality the regions had unwittingly placed their own taxpayers on the hook for complex derivative bets which would end up costing them far more than expected.

But the banks were making huge profits.

UK-based banks accused of massive mis-selling in Italy - BBC News

They were encouraging the authorities to take major risks so that they [the banks] could make tens of millions of euros of profits for each contract. Even though whistleblowers made the Financial Services Authority FSA aware that London-based banks, which it regulates, may have been mis-selling complicated derivatives to Italian local authorities, it refused to act.

They simply ignored Mr Robledo until, that is, he locked their employees out of their Italian offices in However, they settled with Milan this year, tore up the offending Swap contracts and paid the city almost m euros.

But we need regulation as these banks are plundering society," Mr Robledo said. The London-based banks who were accused of mis-selling Swaps to Italian local authorities now face numerous civil and criminal proceedings by multiple Italian cities.

Speaking out Some banking insiders did voice concern about derivative sales in Italy. The BBC spoke to one such whistleblower who wrote to the FSA on numerous occasions with his concerns about behaviour at his then-investment bank. The FSA refused to act on the information and even requested that the whistleblower never contact them again.

When Newsnight approached the FSA for a response it said it would not comment on individual cases, but acknowledged that no bank had ever been sanctioned in such circumstances.

According to our whistleblowing source, who has been asked to give evidence to the new Parliamentary Committee on Banking Standards, set up in the wake of the Libor scandal in June, banks tend to take a very dim view of employees who break ranks.

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So an unholy alliance of mutual self-interest kicks in," the source, who asked to remain anonymous, said.He has been quot d n n n w ou c nd ndu t jou n d ng ut o t on IPO nc ud ng R ut Inv to Business Daily, BBC News, BusinessDesk, The Deal, Financial Times, Directorship, Legal , Law, Social Cloudcast, Zimbio, Technology Spectator and Business Spectator.

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BBC business journalist covering companies, the economy, EU, UK & Ireland etc. Headline Money and Wincott Prize winner for original journalismAccount Status: Verified. The British Broadcasting Corporation (BBC) is a British public service broadcaster.

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