The official site of Italy's central bank

Placements

This section provides information on placements/buy-backs of government securities by the Bank of Italy on behalf of the MEF.

The borrowing requirements of the Treasury are mainly financed by issuing securities. The tender system managed by the Bank of Italy is the main mechanism for placement on the domestic market, as it is the one best able to achieve the Treasury’s issuing policy objectives of transparency and regularity. The efficient conduct of placement and buy-back operations reduces the uncertainty of intermediaries participating in tenders and hence the cost of borrowing. The technical assistance provided to the Treasury helps to ensure the orderly functioning of the secondary market for government securities. The Bank of Italy:
• develops and manages the technological platform used for tenders;
• carries out tender operations, which are fully automated and follow different technical procedures according to the securities in question;
• deals with tender participants, whose legal and technical eligibility is verified beforehand;
• monitors the settlement of allotments of government securities carried out using the syndicated placement technique.

The Bank of Italy performs a number of tasks connected with the servicing of foreign currency loans issued on the international capital market.