The official site of Italy's central bank

Official reference rate

Until 2003, the Bank of Italy calculated, in accordance with Legislative Decree 213 of 24 June 1998, an “official reference rate” that was used for the indexation of legal instruments. The official reference rate was based on the rate fixed periodically by the ECB’s Governing Council and used in the main refinancing operations conducted by the Eurosystem: fixed rate or minimum bid rate for variable-rate tenders.

As of 1 January 2004, when the deadline of five years from 1 January 1999 fixed in the Decree elapsed, the Bank of Italy no longer calculates the “official reference rate”.