Directorate General for Markets and monetary policy operations

Within the ESCB and in collaboration with the ECB, the Market Operations Directorate manages liquidity in the euro area through monetary policy operations and intervenes in the foreign exchange market.

It analyses systemic risks and carries out the preparatory work for extraordinary refinancing operations conducted to manage financial crises.

It monitors the performance of the money, financial, foreign exchange, gold and liquidity markets. It handles the valuation and management of collateral received from counterparties in monetary policy and extraordinary operations.

It carries out investment operations involving the Bank's assets in euros and foreign currencies, and its gold reserves.

It manages the ECB's foreign and gold reserves, acting as the latter's agent and representative. It provides investment services to foreign central banks and institutional clients.

It handles the Bank's supplementary pension fund investments.

It oversees public sector lending, liaising with the Ministry of Economy and Finance.

It manages and is responsible for the processes classified as critical for the Bank's business continuity.

Number of employees: 87

Head:

• Gioia Cellai

The Operations and Payments Settlement Directorate handles the validation and settlement of financial operations necessary for the performance of institutional functions and for the management of the Bank's supplementary pension fund and of the investment portfolios of the Bank, foreign central banks and institutional clients.

It oversees the custody of assets entrusted to the Bank as part of the above activities as well as the management of collateral in securities lending operations.

It handles the back-office activities for the liquidity management operations conducted by the Ministry of Economy and Finance on the financial markets and Italy's participation in the International Monetary Fund.

It oversees the payment operations for the Bank and the operations related to payment and correspondent services provided to institutional clients.

It manages the information platforms supporting the Bank's activity on financial markets, the data acquisition contracts as well as the agreements that govern the financial services used or provided by the Bank.

It is responsible for those of its processes deemed critical for business continuity.

Number of employees: 99

Head:

• Romagnuolo Candidapdf 334.9 KB Publish date::16 December 2024

The Financial Risk Management Directorate is responsible for analysing and assessing the financial and operational risks associated with monetary policy and financial stability operations, and with the Bank's investment of its own funds, foreign exchange reserves, supplementary pension fund, and other euro and foreign currency portfolios. It checks compliance with asset management limits. It reports on its assessment and control activities directly to the Governing Board.

It monitors the activities involved in the strategic allocation and tactical management of the Bank's portfolios and supplementary pension fund. It provides financial risk management and control services to institutional clients.

It oversees the management of the Bank's strategic equity holdings, including their risk profile.

It is responsible for assessing and controlling the financial risks of the monetary policy operations entrusted to national central banks under Eurosystem regulations. It develops and manages credit risk assessment systems for loans used as collateral in monetary policy and financial stability operations.

Number of employees: 60

Head:

• Antonio Scalia