The Countercyclical Capital Buffer (CCyB) rate for the third quarter of 2022 remains unchanged at zero per cent

Vai alla versione italiana Site Search

Summary

The Bank of Italy 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 first quarter of 2022, the credit-to-GDP ratio decreased. The deviation from the long-term trend of the total credit-to-GDP ratio was negative by about 7 percentage points, if calculated based on the model developed by the Bank of Italy. The bank credit-to-GDP ratio provides similar indications.

The other indicators suggest that the macrofinancial conditions of the Italian economy were substantially unchanged. The increase in bank loans to households continued, mainly attributable to the rise in mortgages, accompanied by a more modest increase in credit to non-financial companies. The NPL ratio remained stable, at historically low levels, for both households and firms; 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 were virtually unchanged.