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Report: Popolare di Bari turns to deposit fund to plug capital shortfall

Banca Popolare di Bari SCpA made a preliminary request to Italian deposit guarantee fund Fondo Interbancario di Tutela dei Depositi to help it plug a capital shortfall, Reuters reported, citing sources.

One of the sources said an intervention by the fund could be part of a wider rescue plan that is not yet on the table, according to the Dec. 5 report. The bank needs up to €1 billion in capital, another source reportedly told Reuters.

Italy's ruling coalition is said to be considering a regulation that would make it easier for government-controlled bank Banca del Mezzogiorno - MedioCredito Centrale SpA to participate in Popolare di Bari's rescue.

In July, the lender adjusted its full-year loss for a second time to €420.2 million due to higher loan losses, up from the previously reported €372 million.

The lender's core capital ratio was approximately 7.22% at the end of July after two capital relief transactions with a U.S. hedge fund manager, Reuters reported in August.