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

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 first quarter of 2026, although gradually improving, the total credit-to-GDP gap was still negative by about 6 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 low levels; the unemployment rate remains at an historical low. In the fourth quarter of 2025 (latest available data), both real house prices and the price gap increased compared with the previous quarter.