The Countercyclical Capital Buffer (CCyB) rate for the second quarter of 2026 remains unchanged at zero per cent

Summary

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 fourth quarter of 2025, although gradually improving, the total credit-to-GDP gap was still negative by about 7 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 keeps improving. The overall NPL ratio is still at historically low levels; the unemployment rate remains at an historical low. In the third quarter of 2025, both real house prices and the price gap increased compared with the previous quarter.