Siena and Monte dei Paschi Settle Derivative Case, Release €7.1 M

The municipality of Siena and Banca Monte dei Paschi di Siena have signed a transactive agreement that ends a long‑running legal dispute over a derivative contract originally signed in 2002 and renewed in 2005. The settlement extinguishes the 2005 derivative without further charges and allows the city to free about €7.1 million that had been provisionally set aside for legal risks.

Under the deal, one‑million euros will be earmarked for the restoration of the costumes and horse‑riders' gear used in the historic Corteo del Palio, split equally between the city’s representation and the Contrade’s mounts. The remaining funds become available for other municipal investments and projects.