The Countercyclical Capital Buffer (CCyB) rate for the second quarter of 2022 has been set at zero per cent

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The Bank of Italy has decided to keep the countercyclical capital buffer rate at zero per cent for the second quarter of 2022.

In the fourth quarter of 2021, the credit-to-GDP ratio decreased. The deviation from the long-term trend of the total credit-to-GDP ratio became negative by about 6 percentage points, if calculated based on the model developed by the Bank of Italy. Similar findings come from the bank credit-to-GDP ratio.

The dynamics of the credit-to-GDP gap were influenced by the growth of GDP in the denominator, which was stronger in relative terms than growth in credit to the private sector. The increase in bank loans to households continued, mainly attributable to the rise in mortgages, accompanied by a recovery in the performance of credit to non-financial companies.

The other indicators indicate an improvement in the macro-financial conditions of the Italian economy. The NPL ratio decreased for firms, while it remained stable for households; the unemployment rate fell slightly, thanks to the decrease in the number of job seekers following the rise in employment, remaining below pre-pandemic levels; real property prices continued to increase.