MILAN (Reuters – A court of appeals acquitted 13 defendants and also acquitted the other. Deutsche Bank (ETR.) and Nomura in relation to derivative deals. Prosecutors claimed that Monte dei Paschi di Siena was able to hide losses during one of Italy’s largest financial scandals.

Below is a chronology of the most important events of the Monte dei Paschi’s recent history (MPS), which can be traced back as far as the 15th Century.

NOVEMBER 2007, MPS purchases Antonveneta (Santander) for 9 Billion Euros in Cash, less than a month after the Spanish bank bought the Italian regional lender for 6.6 Billion euros.

JANUARY 2008 – MPS announcing a 5billion euros rights issue. A separate 950m euro capital rise reserved for JPMorgan (NYSE ) is also announced. The MPS issue includes a 2.2billion euro Tier2 bond and a bridge loan of 1.95billion to finance the Antonveneta transaction.

MARS 2008 – Mario Draghi (Bank of Italy) approves Antonveneta’s takeover, subject to MPS capital rebuilding.

March 2009 – MPS sold 1.9 Billion Euros in Special Bonds to Italy’s Treasury for its financing needs.

JULY 2011, MPS raises 2.15 Billion Euros in rights issues ahead of European Stress Test results.

SPEPBER 2011- 6 BILLION EUROS OF IMMEDIATE LIQUIDITY – The Bank of Italy has provided repo transactions to the MPS in an emergency response to the growing eurozone sovereign debt crisis.

March 2012 – MPS suffers a loss in 2011, a staggering 4.7 billion Euros, due to billions of write-downs on goodwill deals such as Antonveneta.

MAI 2012 – MPS headquarters is searched while prosecutors probe whether MPS misled regulators regarding the Antonveneta purchase.

JUNE 2012 – MPS asks Italy’s Treasury to guarantee special bonds worth up to 2 billion Euros more.

OCTOBER 2012 – New investors will be attracted to a 1-billion euro issue of shares by shareholders.

FEBRUARY 2013: MPS estimates that losses from derivative trades between 2006 and 2009 amount to 730,000,000 euros.

March 2013: MPS suffers a loss of 3.17 billion euro in 2012 due to plunging market prices for its huge Italian government bonds.

MARS 2014: MPS reports a net loss in 2013 of 1.44 Billion Euros.

JUNE 2014: The MPS raised 5 billion Euros in a highly discounted rights issue. It also repaid the state with 3.1 Billion euros.

October 2014: MPS ranks as the worst in Europe’s stress testing with a capital shortage of 2.1 billion euro.

NOVEMBER 2014- MPS to Raise up to 2.5 Billion Euros After Stress Test Results

June 2015: MPS has raised 3 billion Euros in cash after an unprecedented 5.3 billion-euro net loss due to bad loans writedowns. The remaining 1.1 million euro special state bond is repaid.

July 2016 – MPS plans to issue a 5Billion euro rights issue. It also intends to sell 28Billion euros worth of bad loans. European stress tests have shown that MPS would suffer from a negative equity situation in the event of a slump.

DECEMBER 2016: MPS requests assistance under the precautionary recapitalisation program after its failed cash call. The bank’s capital requirement is set at 8.8 Billion Euros by the ECB.

JULY 2017, ECB declaring MPS solvent. The EU Commission then clears the bailout for the state at a cost to the state of 5.4 Billion Euros in exchange for a 68% interest. The total amount of private investors contributing to the bailout is 2.8 billion euros, or 8.2 million.

FEBRUARY 2019, MPS notices profit but its revised projections fall short of EU-recognized restructuring targets.

OCTOBER 2019 – MPS completes Europe’s biggest bad loan securitisation deal, shedding 24 billion euros in bad debts.

FEBRUARY 2020 – MPS posts 1 billion euro 2019 loss.

MAI 2020 – Marco Morelli, CEO of MPS, resigns in an appeal to Rome for a new partner. Guido Bastianini, 5-Star-backed Guido Bastianini replaces him.

AUGUST 2020: Italy reserves 1.5 billion Euros to support MPS in its efforts to reach a Mid-2022 deadline for reprivatisation.

OCTOBER 2020 – MPS shareholders approve a government-sponsored plan that will reduce the amount of soured lending to 4.3%. As a result of this decree, Italy’s share falls to 64%.

OCTOBER 2020 – A Milan court convicts MPS’ former chairman and CEO for falsifying accounting. This surprise verdict forces MPS to increase legal risk provisions.

DECEMBER 2020- MPS estimates that it requires up to 2.5 Billion euros of capital.

DECEMBER 2020: Italy approves tax incentives to bank mergers, which will provide a benefit of 2.3 billion euros for an MPS buyer.

JANUARY 2021 — MPS announces that it will open its books for potential partners.

FEBRUARY 2021 — MPS suffers a 1.69 Billion Euro loss in 2020.

JULY 2021: UniCredit talks exclusively with Italy’s Treasury about buying “selected parts of MPS”, a day ahead of European bank stress tests results showing that the capital of smaller banks would plummet in a slump.

OCTOBER 2021: UniCredit negotiations collapse as the parties fail to reach an agreement on the fair value of selected assets at MPS. Rome must ask the European Union to extend the deadline to return the bank to private ownership.

FEBRUARY 2022 – Monte dei Paschi di Siena (MPS), a veteran in restructuring, names Luigi Lovaglio chief executive. Rome seeks a new direction for the lender following its failure to dispose of it. It reports that the bank made a profit of 310million euros in its previous year.

MAY 2022 – Appeals court acquitted all 13 defendants, as well as Deutsche Bank and Nomura, over derivative deals and cancelled seizures imposed on Deutsche Bank and Nomura Holdings (NYSE:) Inc, for 64.9 Million and 88 Million Euros, respectively.

($1 = 0.8593 euros)