Banca d'Italia deems that the countercyclical capital buffer rate in force for the current quarter, equal to zero per cent, is appropriate in the current macrofinancial context.
In the third quarter of 2025, the total credit-to-GDP gap was still negative by about 8 percentage points, if calculated based on the methodology developed by Banca d'Italia. The bank credit-to-GDP ratio provides similar indications.
The flow of bank lending to the private sector is improving. The overall NPL ratio is still at historically low levels; the unemployment rate remains at its lowest point since 2007. In the second quarter of 2025, both real house prices and the price gap increased compared with the previous quarter.
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