Banca Popolare di Bari , The last in a Series of Bank Failures & Bank Runs in Italy !!

The Bank Popolare di Bari, which is the biggest bank in the south of the country, is the latest in a series of Italian banks failures, which in total have cost the state and other Italian lenders around 23 billion euros ($25.5 billion) since 2015. Bank's clients EXPLODE in ANGER. The most at-risk banks in Italy frighten customers and clients, who fear to lose their life savings due to the bail-ins or due to state intervention, as in the case of the four banks saved in 2016, which has translated into a real and just disaster for small savers. Welcome to The Atlantis Report. the protest of betrayed savers is mounting, almost 70 thousand throughout Italy, a hundred of whom in the past few hours protested in front of the headquarters of the credit institution now a police station. "Thieves, give us our money back," shouted the savers in front of the entrance to the headquarters, at the end of the procession, asking the commissioners to be received in a delegation. Then the stop in front of the Bank of Italy to shout with a megaphone: "Where were the supervisory bodies, what was Bankitalia doing?". Banca Popolare di Bari, a credit institution founded in 1960 and with a capitalization plummeted in a few years from 1.2 billion to 380 million euros, is controlled by the Jacobini family. The president of the institute is Marco Jacobini. In the last decade, the bank has tried to cope with the crisis by significantly increasing the number of shareholders, from 34,000 to over 69,000 . Just in July, while the Guardia di Finanza searched the offices of the bank management within of the investigation into the Fusillo Group, Bankitalia sent its inspectors to Bari. In the background, the plan to give birth to a large bank in the South. Last summer, on the eve of the crisis that would have given birth to Count bis, the majority Lega- M5S had approved an amendment to the Crescita decree which provided for tax incentives for business combinations and banks in the South, "written on purpose" for the Popolare di Bari in short. Hence, the pressure from the heads of Palazzo Koch for a change in the governance of the institute. In the light of the ambitious expansion project, according to Bankitalia, the property could not remain in the hands of a single-family. But Bankitalia, while pressing for the change in the bank's corporate structure, did not "see," or did not want to see the precipice on which the Apulian bank had long been. PopBari's impaired loans: a 2 billion euros hole. Yet the latest balance sheet, that of 2018, with losses of over 400 million euros, was clear. And if the last balance sheet wasn't enough, the bank's other known troubles should have been of concern. First of all, the bankruptcy acquisition of Banca Tercas, at the center of an EU procedure for "state aid" (a 500 million euro deal). This operation was strongly desired by Bankitalia's top management. And then another investigation by the Bari Public Prosecutor's Office, this time borne by the top management of the Popolare di Bari, on the devaluation of the shares. The magistrates hypothesized the crime of fraud for officials and top management of the institute, starting with President Jacobini and CEO Vincenzo De Bustis. From the analysis of the bank's balance sheets, however, the real "bub" emerges, the one that decreed the death of the institution. Banca Popolare di Bari has 2 billion impaired loans in its belly. A chasm created by granting easy loans "to friends of friends," with a well-known mechanism, the same that led to the bankruptcy of the Monte Dei Paschi and Delle Popolari Veneto, and the collapse of the Carige. It is precisely the rain of devaluations on sick loans that has the effect of creating holes in the accounts. Cet 1, the parameter that measures the bank's health, fell to 6% after the maxi-loss of over 400 million recorded in the 2018 financial statements. The parameter no longer meets the supervisory criteria, which in recent years has not been noticed anything... Now to avoid the crash and not to leave 69 thousand shareholders on the pavement, you need a maxi injection of liquidity. In other words, only a public rescue like the one made for Monte Dei Paschi and Carige. The crisis of the Popolare di Bari brings to the fore the fears of savers. According to the latest report by Mediobanca, excluding the Popolare di Bari, three other Italian banking institutions have the most worrying balance sheets: Banca Monte Dei Paschi di Siena MPS, Unipol Banca, and Carige. All of them, however, represent cases for which a process of securing against serious crises and bankruptcies is already underway. Let's analyze the situation in more detail. 1) Unipol Banca (loss of 722 million euros in the 2017-2018 period) The bank was sold to BPER after undergoing a cleaning operation from impaired loans. It should be remembered that the main shareholder of BPER is Unipol itself. 2) Carige (loss of 661 million euros in the two-year period 2017-2018) To date, a capital strengthening of 700 million euros is underway, to which are added 200 million euros to be collected in the near future through the issue of subordinated bonds. Carige has been in crisis for years but is recovering, also thanks to the help from the Interbank Deposit Protection Fund. 3) Monte Dei Paschi di Siena. (loss of 2.3 billion euros in the two-year period 2017-2018). Despite the fact that the weight of the devaluation of the NPLs suffered two years ago, according to the data of the third quarter of 2019, the banking institution can now boast a net profit of 287 million euros. Going beyond the Mediobanca report and analyzing the banks' balance sheets for 2018, three other institutions appear to be in difficulty: Deutsche Bank, Bim, and Dexia Crediop, with losses in the year of 218 million, 154 million and 78 million euros respectively. The latter recently concluded a capital increase of 120 million euros, subscribed by the now sole shareholder Dexia Credit Local. "The Bank of Italy, with decision of 13 December 2019 ordered the dissolution of the Bodies with administration and control functions of Banca Popolare di Bari, with registered office in Bari, and the submission of the same to the extraordinary administration procedure, pursuant to of articles 70 and 98 of the Consolidated Banking Act, due to the loss of assets ". A brief note on the official site of Banca Popolare di Bari hides an intricate story made of wrong investments, maneuvers to the limit of legality if not fraudulent, and of missing or inadequate checks. The failure of Banca Popolare di Bari, the last thorn in the side of the Conte government, is the result of a chain of events on which, more than politics, the judiciary will shed light. Financial transactions reckless and complacent, "bailouts" imposed and controls, to say the least, "light" by Bankitalia. This is how the Popolare di Bari ended up in the abyss, which with the concurrent closure of the former Ilva, is about to send an entire region on its knees. Puglia, the most developed region of the South, once again turns out to be a land of ill repute. But this time the responsibilities are not of organized crime, but the bankers. We will "evaluate" the Bankitalia supervisory operation on Banca Popolare di Bari. With these words, the Minister of Economy and Finance, Roberto Gualtieri. During the recording of the broadcast "Piazza Pulita" on La7. Spoke on the controversies that have invested Bankitalia, accused of not correctly exercising its supervisory function. "We asked the Bank of Italy to give an account of all the steps," continued the Treasury Owner who, therefore, turned on a lighthouse on Via Nazionale, intervening on the delicate question of compensation: "it is right that there is compensation where there have been scams. " "The sale of risky products to people who should not buy risky products should be regulated, and evidently these rules have not been respected," Gualtieri then stressed in specifying that "it will be necessary to carefully check whether the institutions responsible for ensuring compliance with the rules they acted correctly ;end of quote. Former President of Banca Popolare di Bari in the register of suspects - According to Repubblica, the exnumber one of the credit institution, Marco Jacobini, was reached by a guaranteed notice on the charge of corruption. The newspaper also reports that in the deed sent to Jacobini, "the identity of the corrupt person is not identified. But this could be found in the Vigilance of Palazzo Koch," the headquarters of Bankitalia. Technically, according to the reconstruction, "the one notified to Jacobini, defended by the lawyer Francesco Paolo Sisto, is a notice of extension of investigations," which therefore documents how this new strand of the investigation dates back to the beginning of summer. In the document, a power of attorney is limited to the simple contestation of the crime, without specifying the circumstances of time and place, nor the recipient of the corruption or what would have materialized. The only fact that Repubblica has been able to acquire with certainty is that the elements by which the former President of the Popular is investigated have to do with the relationships that Jacobini had over time with the Bankitalia Supervision. Clues to elements. Sufficient, therefore, to register the former President's suspect register as a corruptor, but not yet so reliable for the Prosecutor to give a name even to those who, in Bankitalia, would have been corrupt in the hypothesis ". According to the findings of the Bari financiers, the bank, despite being a creditor of over 100 million euros from the companies of the Fusillo group, at the time in the arrangement with creditors procedure, in March 2019 would have disbursed new finance in their favor for about 40 million euros. An "extremely onerous intervention - noted the Guardia Di Finanza - which adds to the many already carried out in the past, on whose financial sustainability, it seems necessary to investigate." And it is precisely on the credit lines granted by the bank to the Fusillo companies from 2010 to 2019 that the investigations of the last months have been concentrated, up to the current hypothesis of bankruptcy also against the former managers of the Popolare di Bari. The bankruptcy of Banca Popolare di Bari comes following a recent history of risky investments and suspicious transactions. The coup de grace came at the end of September, with the failure of the Bari group Fusillo, active in the construction and tourism sector. On 25 September, in fact, the fourth civil section of the Court of Bari, declared the bankruptcy of the Maiora Group Spa and Fimco Spa companies of the Fusillo di Noci Group (Bari), for total debts of over € 200 million. Banca Popolare di Bari is one of the main creditors of the group. Behind the bankruptcy of the Fusillo group, requested not only by the creditors (but not the Popolare di Bari) also by the Prosecutor of Bari, there would be the fraudulent behavior of the members. According to the Guardia di Finanza, which hypothesizes fraudulent bankruptcy, the entrepreneurs would have distracted and dissipated real estate assets, business complexes and corporate shares relating to tourist structures of Monopoli and Polignano, in favor of other companies related to them. During the investigation, in July 2019, searches were carried out in the offices of the companies and also in the headquarters of the general management of Banca Popolare di Bari. This was The Atlantis Report. Please Like. Share. And Subscribe. Thank You.












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