The Countercyclical Capital Buffer (CCyB) rate for the fourth quarter of 2025 remains unchanged at zero per cent

Summary

In the second quarter of 2025, the total credit-to-GDP gap, though increasing, was still negative by about 9 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 is improving. The overall NPL ratio is still at historically low levels; the unemployment rate remains at its lowest point since 2007. In the first quarter of 2025, both real house prices and the price gap decreased slightly compared with the previous quarter.

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