Reserve management services in euro

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Banca d’Italia provides a broad range of reserve management services in euro in accordance with the harmonized terms and conditions for all the Eurosystem central banks (Eurosystem Reserve Management Services or ERMS).

These services support the use of the euro as an international currency for the safekeeping of financial assets by central banks located in countries outside of the euro area and by supranational bodies.

Banca d’Italia offers the full range of ERMS (including cash and securities investment and securities custody services), allowing customers to select what service to use and based on opening correspondent securities and cash accounts.

Customers using ERMS are guaranteed a safe and confidential environment and a high degree of flexibility in correspondent relationships that are tailor-made to address their specific needs, including through the definition of standing arrangements for the execution of specific investments.

The correspondent accounts also enable payments to be executed and received in TARGET2.

The services currently provided comprise:

  • cash accounts in euro;
  • trading, settlement and custody of securities in euro;
  • investment in the money market;
  • foreign-exchange operations (G10 currencies).


Markets and Payment Systems Directorate General
Payment Systems Directorate
Payment and Correspondent Services Division
Via Pastrengo, 14 - 00185 Rome

Tel: +39 06 4792 5145