The official site of Italy's central bank

Investment portfolio

The management of the Bank’s securities portfolio contributes to covering its operating costs and safeguarding the solidity of its assets.

In addition to holding and managing the country’s foreign reserves, the Bank manages a portfolio of other investments with the objective of contributing to covering its operating costs and safeguarding the solidity of its assets against the risks to which it is exposed in the performance of its functions.

The investments the Bank makes, under any title, are subject to the prohibition on monetary financing referred to in Articles 101 and 102 of the EC Treaty; purchases on the primary market of securities issued by euro-area countries or institutions are therefore prohibited, while those on the secondary market are subject to monitoring thresholds.

In addition, the Bank makes temporary investments of liquidity (overnight deposits) on a daily basis as part of the provision of Eurosystem reserve management services to non-euro-area central banks and international organizations in connection with the management of their euro reserves.