Banca Italease’s shares are on a rollercoaster. After reporting
an increase over a week ago, it is now down again by 1.59 per cent
to €13.5, due to contest over its 2006 accounts.

The Italian bank and leasing firm, which was badly hit by
derivative losses in the credit crunch last July, may have to
restart its 2006 leasing and factoring accounts, after an Italian
financial daily reported that stock regulator Consob may consider
asking Italease for an account restating.

Press reports said that both parties refused to comment, as it
emerged that staff at Italease were encouraged to delete old
e-mails containing details of the derivatives transactions being
investigated by the company’s new management team.

Furthermore according to Italian press reports insurer
Fondiaria-SAI may also sue Italease for damage for failing to stick
to a planned insurance distribution deal, which contributed to the
downturn in stocks.