The context of the judicial administration
Banca Progetto, a digital credit institution, has recently come under judicial administration due to serious accusations of financing companies linked to the ‘Ndrangheta. This decision, taken by the Court of Milan, has raised questions not only about the bank’s management, but also about the entire Italian banking system. Judicial administration is a measure that makes it possible to manage an entity in difficulty, appointing a judicial administrator to improve control procedures and ensure legality.
This step does not involve the seizure of the bank, nor the investigation of the managers, but it represents a wake-up call for the sector
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The accusations and investigations of the DDA
Investigations conducted by the Anti-Mafia District Directorate (DDA) have revealed that Banca Progetto has provided loans to companies managed by entities close to organized crime. These loans, guaranteed by the Central Guarantee Fund, were intended to support small and medium-sized enterprises (SMEs) in critical moments such as the Covid-19 emergency. However, the prosecution alleges that the bank failed to carry out the necessary checks to prevent mafia infiltration. The DDA highlighted that some funding was also granted during the Bank of Italy’s inspections, suggesting serious negligence in
the management of internal controls.
The consequences for the banking sector
The situation of Banca Progetto could have significant repercussions on the Italian banking sector. First, it could lead to increased supervision by competent authorities, making banks more responsible for verifying their customers and managing funding. In addition, consumer confidence in banking institutions could be hit hard, leading to greater caution in accessing credit. Finally, Banca Progetto’s judicial administration could act as a warning to other banks, urging them to strengthen their compliance procedures and to invest in more effective monitoring systems
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