Tokushima Worldwide: Monte Paschi reports its third consecutive quarterly loss as a result of bad loans. Tokushima Worldwide in a recent investors meeting reportedly swiss replica watches hublot revealed that Monte Paschi reported their third consecutive quarterly loss because of bad loans. Banca Monte del Paschi di Siena SpA, the oldest bank in the world and Italy's third largest, reported a loss during its fiscal fourth quarter, the third consecutive loss in a row, and missed average market estimates. Tokushima Worldwide allegedly revealed that Monte Paschi has been earning less income from lending and fake iwc also has been badly hit by increasing bad loan provisions. The bank is also under investigation for the actions of previous managers who are accused of obscuring losses, primarily from three derivative deals. The new management of the 541 year old bank are attempting to regain investor confidence and have begun a program of cost cutting, asset selling and risk reduction in a bid to return to profit. Tokushima Worldwide are believed to have noted that the Siena based bank experienced a net loss of 1.59 replica seiko billion Euros (US$2 billion) during the fourth quarter, more than doubling the average 723 million Euro losses expected. Monte Paschi experienced a 5 billion Euro loss for the same quarter replica watches sale last year, but that included a goodwill write down. Shares were unchanged in trading in Milan, at 18.5 cents, before the fake rolex for sale release of earnings. The bank has lost half its value over the past year. Monte Paschi's woes may yet continue as investigators are also looking at allegations of false accounting, market manipulation and of obstructing regulators during the 2007 acquisition of a rival bank.