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The official site of Italy's central bank
As laid down in the Statute, the governance of the Bank of Italy is entrusted to the following bodies: the shareholders’ meeting, the Board of Directors, the Directorate (Governing Board), the Board of Auditors, the Governor, the Director General and the three Deputy Directors General.
The Bank’s governance arrangements were radically changed by the reform of the Statute approved by a Decree of the President of the Republic dated 12 December 2006.
There are major implications for the operation of the Bank as a result of its membership of the ESCB and the functions entrusted to it as an integral part of the System. The participation of the Governor in the Governing Council of the ECB means that the tasks carried out and the powers exercised in that setting pertain exclusively to the office.
The governance of the Bank is based on the principles of autonomy and independence laid down at Community level and in Italian law and reaffirmed by the Statute.
The independence of the Bank in its capacity as regulatory authority from indirect interference by shareholders is guaranteed by law. In fact Article 5(1) of Legislative Decree of the Provisional Head of State 691/1947 excludes credit and financial supervision from the scope of the powers of the Board of Directors.
The Bank has adopted a Code of conduct for members of the Directorate (Governing Board), in line with the codes found in the Eurosystem.
The Bank reports on its activity to the Government and Parliament. As a general rule it complies with transparency criteria for data and news that have a bearing on its activity through their dissemination in publications, documents and speeches by members of the Directorate (Governing Board).
The Bank’s annual accounts are audited by independent external auditors, as required by the Statute of the ESCB.
Directorate (Governing Board)Governing Council of the European Central Bank |
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Statute of the ESCB and of the ECB
Statute