The Countercyclical Capital Buffer (CCyB) rate for the third quarter of 2016 has been set at zero per cent

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Based on the analysis of the reference indicators the Bank of Italy has decided to keep the countercyclical capital buffer rate at zero for the third quarter of 2016. Specifically:

  • In the first quarter of 2016 the deviation of the bank-credit-to-GDP ratio from its long-term trend (the credit-to-GDP gap), calculated using the standard methodology, was about -8 percentage points. According to the methodology developed by the Bank of Italy, which takes account of the specificities of Italy's credit cycle, the gap was about -6 points. There are similar findings from the analysis of the total-credit-to-GDP gap for the fourth quarter of 2015 (the last quarter for which the data are available).
  • Although the Italian economy's macro-financial conditions are improving, they remain generally weak. The unemployment rate is falling but it is still at a historically high level. Growth in bank credit to the private sector has turned positive again but business lending continues to decline. Real property prices have recovered slightly but remain well below their long-term level.