Audit court says 'anomalies' in local govt derivatives use

(ANSA) - Rome, May 6 - Italian local governments created some "serious anomalies" on their books through the use of such complex financial instruments as derivatives contracts, the Audit Court said Wednesday. Postings in account books were often "incorrect" while fiscal regulations were violated and "considerable contractual imbalances" created, the court said.
    Governments also failed to properly assess the cost-effectiveness of derivatives contracts worth about 25 billion euros, the court said.