Directorate General for Markets and Payment Systems

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Director General: Paolo Marullo Reedtz

Deputy Director General: Cosma Onorio Gelsomino
Deputy Director General: Livio Tornetta
Number of employees: 486

Market Operations Directorate

Within the Eurosystem and in collaboration with the ECB, the Directorate carries out monetary policy operations for the management of liquidity in the euro area and intervenes in the foreign exchange market.

It analyses liquidity risks, and examines and carries out extraordinary refinancing in order to manage banks’ liquidity crises.

It follows the performance of the money and financial, foreign exchange, and gold markets.

It assesses and manages collateral received from counterparties in monetary policy operations and operations of an extraordinary nature.

It manages the investment operations involving the Bank’s assets in euros and foreign currencies, and its gold reserves.

It manages the foreign and gold reserves belonging to the ECB, acting as the latter's agent and representative. In addition, it manages the euro reserves of foreign central banks.

It carries out the Bank's supplementary pension fund’s investments.

It cooperates with the Ministry of Economy and Finance on public debt management, executes the auctions of Government bonds and contributes to the financial service on public debt.

Number of employees: 89


Operations and Payment Settlement Directorate

The Directorate carries out validation, settlement and accounting activities relevant to the institutional functions of the Directorate General, to the management of the Bank's portfolios and of the supplementary pension fund, and to the cash receipts and payments related to payment and correspondent services.

It manages the information platforms supporting the Bank’s activity on financial markets.

Number of employees: 93


Financial Risk Management Directorate

The Directorate is responsible for analysing and assessing the financial and operational risks associated with monetary policy operations, with support for financial stability, 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 the limits set on the management of these assets. The Directorate reports on this assessment and control activity directly to the Governing Board.

It monitors the activities regarding the strategic allocation and tactical management of the Bank’s portfolios and the supplementary pension fund.

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

It is responsible for assessing and controlling financial risks in the monetary policy operations that Eurosystem regulations entrust to national central banks. It develops and manages credit risk assessment systems for assets provided as collateral in monetary policy and financial stability operations.

Number of employees: 60


Market and Payment System Oversight Directorate

The Directorate performs the functions assigned to the Bank in respect of the regulation and supervision of the money and financial markets, central securities depositories, central counterparty systems, and systems for the clearing, settlement and guarantee for transactions involving financial instruments.

It oversees the payment system as part of the functions assigned to the Bank by Italian law and those deriving from its participation in the ESCB.

It defines policies in the fields for which it is responsible.

It analyses the performance and development of the financial markets, the payment system and the related support structures.

It liaises with the other authorities in the national, European and international fora responsible for drawing up and implementing relevant guidelines.

It carries out activities related to the functioning of the Italian Payments Committee.

Its tasks also include business continuity in Italy's banking and financial systems and strengthening the security and resilience of the financial sector.

It is involved in running the Interbank Register of Bad Cheques and Payment Cards, in the oversight of the responsible entity, and in analysing and monitoring the reliability of the relevant payment instruments.

It defines the supervisory interventions on supervised subjects, in agreement with the Inspectorate Directorate.

Number of employees: 65


Payment Systems Directorate

The Directorate contributes to defining the strategic guidelines for the evolution of the payment system in Italy, in accordance with the European and international frameworks. In this context, it formulates policies for the provision of payment and settlement services by the Bank of Italy.

On behalf of the Eurosystem, the Directorate manages, together with the other provider central banks, the integrated operational platform for the Target2 and Target2 Securities single shared platform and contributes to the management and development of European payment and settlement systems.

The Directorate plays an active role in the operational management and the analysis connected with the participation of the Bank and the Italian financial market in European payment systems. It plays a similar role in the development of the national clearing system managed by the Bank, liaising with the participating operators.

It provides payment and correspondent banking services to institutions and public sector bodies, it manages the contractual relationships with the Bank's correspondents and oversees the activities for developing the service.

Number of employees: 110


Treasury Services Directorate

It runs the state treasury service, carrying out directly, and through the branches, the collection and payment transactions, in euros and in foreign currency, of central government; it manages collection and payment services on behalf of public entities.

To manage the state treasury service, it cooperates with the Ministry of Economy and Finance and other government departments.

It provides periodic financial statements of payments and receipts to the State Accounting Office, the State Audit Office and other government departments.

It manages the IT procedures for collections and payments and the General Government Transactions Information System (Sistema Informativo delle Operazioni degli Enti Pubblici - SIOPE).

It analyses the evolution of public payments and the use of information technology by public entities.

It coordinates the management of seizures of cash funds owed by the Bank of Italy to individuals, private companies and government departments.

It manages the Treasury's payments account with the Bank of Italy. It carries out analyses and makes daily forecasts on the state sector borrowing requirement and government deposits, to be sent to the Ministry of Economy and Finance and the ECB.

Number of employees: 66