TITLE: Bank of Italy Imposes €30,000 Administrative Penalty on Banca Progetto in Administration
BODY:
On March 30, 2026, the Bank of Italy (Banca d'Italia) imposed an administrative monetary penalty of €30,000 on Banca Progetto Spa in administration (a.s.) for deficiencies in risk governance, management, and control.
The Bank of Italy identified irregularities following inspection activities conducted from October 31, 2024 to April 4, 2025. The violations concerned inadequacies in the governance, management, and control of risks with implications for the institution's capital position, in breach of Article 53 of Legislative Decree 385/1993 (TUB), Part I, Title IV, Chapters 1, 2, and 3 and Annex A of Circular 285/13, Article 92 of Regulation (EU) 575/2013, and Article 144 and Article 144-quinquies of TUB. The Bank of Italy formally notified Banca Progetto of these irregularities to its legal representative in accordance with Article 145 TUB. Banca Progetto did not submit any counter-arguments in response.
The Bank of Italy's Institutional Relations and Supervision Service, observing the separation of investigative and decision-making functions established by Article 24 of Law 262/2005, proposed the penalty to the Bank of Italy's Executive Board in accordance with the opinion of the Commission for the Examination of Irregularities. The Executive Board approved the imposition of the administrative monetary penalty under Article 144 and Article 144-quinquies TUB. The penalty is now effective and enforceable against Banca Progetto in administration.
REFERENCES:
Bank of Italy. Provvedimenti sanzionatori Banca Progetto Spa in a.s. Available at: https://www.bancaditalia.it/