National Resolution Fund - Annual Report

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The National Resolution Fund was established by the Bank of Italy pursuant to Article 78 of Legislative Decree 180/2015.

Governed by Title V of Legislative Decree 180/2015, the Fund aims to enable the Bank of Italy, in its capacity as a National Resolution Authority, to achieve the resolution objectives as set out in Article 21 of Legislative Decree 180/2015, in compliance with the principles established in Article 22 of the same Decree.

The Fund has independent assets, completely separate from those of the Bank of Italy and from any other assets managed by the Bank, as well as from those of any entity that provided resources to the Fund itself.

An annual report is drawn up for the Fund and it is published together with the Bank’s annual accounts.

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Resolution and crisis management

Italy’s Legislative Decree 72/2015 and the 2014 European Delegation Law, approved on 2 July 2015, conferred the functions of National Resolution Authority on the Bank of Italy. The Bank has accordingly established a Resolution and Crisis Management Unit, which carries out the preliminary and operational tasks envisaged by the Single Resolution Mechanism, cooperates with the SRB’s offices, and manages the liquidation procedures for banks and investment firms.

Annual Accounts

The Bank of Italy’s annual accounts consist of the balance sheet, the profit and loss account and the notes to the accounts; pursuant to Article 37 of the Statute, there is also a report on operations and activities which is an integral part of the accounting and financial reporting and which provides useful information for a better understanding of the Bank’s overall activities.