Average Overall Effective Rates (Tassi Effettivi Globali Medi, TEGMs) under Law 108/96 (Italian anti-usury law)

Vai alla versione italiana Site Search

Click here to find out what the Bank of Italy does under Law 108/96 and how it collects data on average overall effective rates (TEGMs).


The file named TEGM_SERIE STORICA.CSV shows the time series of the average overall effective rates (TEGMs) and the associated threshold rates, broken down by loan category and amount class, published quarterly by the Italian Ministry of Economy and Finance (MEF) in the Official Journal of the Italian Republic (Gazzetta Ufficiale) since 2 April 1997.

The file named CMS_SERIE STORICA.CSV shows the time series of the quarterly average overdraft limit fee (Commissione di Massimo Scoperto, CMS), which were reported by the MEF at the bottom of the table giving the TEGMs applicable until Q4 2009, as they were reported separately.

The fields DATA_INIZIO_TRIMESTRE and DATA_FINE_TRIMESTRE indicate the start and end dates of the quarter in which the average rates, the corresponding threshold rates and the overdraft fee apply.

The field CATEGORIA_OPERAZIONI shows the categories of financing as identified annually by MEF in its annual decrees.

The field CLASSE_IMPORTO shows the amount class within which each credit transaction falls based on the amount of funding granted. The amount classes have been expressed in euros since 1 January 2002 (they were expressed in Italian lire until 31 December 2001).

The field TASSO_MEDIO shows the average overall effective rates (TEGMs) as reported in the quarterly ministerial decrees. Decimals are separated by commas.

The field TASSO_SOGLIA, which shows the threshold rates, is calculated as follows:

  • as of 14 May 2011, by raising the TEGMs by one fourth plus a margin of a further 4 percentage points; the difference between the threshold and the average rate may not exceed 8 percentage points. In its press release of 18 May 2011, the MEF specified that this calculation method was introduced by Decree Law 70/2011, which amended Article 2(4) of Law 108/96;
  • before 14 May 2011, by increasing the TEGMs by 50 per cent.

The field COMMISSIONE_MASSIMO_SCOPERTO_MEDIA shows the average value of overdraft limit fees (CMS) as reported by the MEF at the bottom of the table giving the TEGMs applicable until Q4 2009.

Argomenti Correlati

Press releases

This section contains the press releases issued by the Bank of Italy from 2011.