The official site of Italy's central bank

Investment Portfolio

The Bank of Italy, in addition to the official reserves and to the assets related to monetary policy operations, holds other investments in financial instruments and in real estate. The financial portfolio includes earmarked investments held against the statutory reserves (art. 40 of the Statute) and those held as guarantee of staff pension obligations. The Bank also manages the investments of the supplementary pension fund for employees hired from 28 April 1993 onwards.

• Statute
  Bank of Italy › Functions and Governance › Governance › Statute

The largest part of the financial portfolio is made up of Italian government bonds and by a smaller amount of other euro area government bonds. The portfolio includes also Italian and international equities and equity funds.

The objectives of the management of the financial portfolio are income generation and capital preservation, considering the risks stemming from other asset and liabilities and those associated with institutional activities.

In accordance with Article 8 of the Decree Law 98/2011, converted with amendments by Law 111/2011, enacting urgent provisions for financial stabilization, the list of the Bank’s equity holdings in subsidiary, associated and unlisted companies is available at the link below.

The Bank of Italy also holds, for institutional purposes, participating interests in the European Central Bank and the Bank for International Settlements.

• Shareholdings pdf 25 kB

For more information see the “The Bank of Italy’s Annual Accounts” section in the Annual Report and the Report to the Parliament and to the Government (only in Italian). The links to those documents follows.

• Annual Report
  Publications

• Report to the Parliament and to the Government (Only in Italian)
  Publications