The Countercyclical Capital Buffer (CCyB) rate for the third quarter of 2023 remains unchanged at zero per cent

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 2023, the credit-to-GDP ratio decreased. The deviation from the long-term trend of the total credit-to-GDP ratio was negative by about 11 percentage points, if calculated based on the methodology developed by the Bank of Italy. The bank credit-to-GDP ratio provides similar indications.

The other indicators suggest a weakening of the macrofinancial conditions of the Italian economy. The growth in bank loans slowed further, and it turned negative for non-financial corporations; real residential property prices fell significantly. The NPL ratio remained at historically low levels for both households and firms; the unemployment rate decreased slightly.