Supervision: what it is and how it works
The Bank of Italy supervises banks and non-banking intermediaries entered in specific registers. Since November 2014 this supervision has been conducted within the framework of the Single Supervisory Mechanism.
Supervisory activities are carried out by the Directorate General for Financial Supervision and Regulation at the Bank of Italy's Head Office in Rome and by its branch network.
In addition to on- and off-site inspections to verify compliance with the requirements for engaging in banking and financial activities, the Bank of Italy's supervisory action extends toactivities include the adoption of administrative measures. The most important measures involving banks are authorizations, sanctions, and those relating to the management of problematic situations.
As national supervisor, the Bank of Italy also provides a number of services directly to the public. It receives requests for information and analyses reports on irregularities involving supervised intermediaries, and publishes information on individuals or companies not authorized to carry out banking or financial activities in Italy and other more general notices and communications. It also conducts analyses on the banking and financial system.
The Bank of Italy performs supervisory tasks also for the purpose of protecting customers of intermediaries.
The Bank of Italy reports on its supervisory procedures and informs the public of the most important banking and financial issues through a variety of forums and channels, including the Annual Report and the Report on Operations and Activities of the Bank of Italy.
The Bank of Italy's supervisory powers have their legal basis in a regulatory framework that encompasses international, European Union and national laws.
- 7 September 2021 - Joint letter to the European Commission calling for the full implementation of Basel III.
- 18 June 2021 - Notes on financial stability and supervision No. 25 - Areas of reform of the MMF regulatory framework: an overview and potential options.
- 30 April 2021 - Financial Stability Report No. 1 - 2021. The global macroeconomic situation improved in the early months of the year, especially in the advanced economies, following the roll-out of the vaccination campaign and new large-scale interventions by the authorities. Nevertheless, the risks to financial stability remain high, owing to the still uncertain course of the pandemic and its economic consequences.
- 29 March 2021 - Notes on financial stability and supervision No. 24 - Growth-at-risk in Italy during the covid-19 pandemic.
- 29 December 2020 - Notes on financial stability and supervision No. 23 - Bad loan recovery rates in 2019
- 24 December 2020 - Bank of Italy and Japan Financial Services Agency sign a Memorandum of cooperation (MoC). The Bank of Italy and the Japan Financial Services Agency on 23 December 2020 signed a Memorandum of cooperation (MoC) in the field of supervision of cross-border financial institutions.
- 15 December 2020 - Communication addressed to UK intermediaries ahead of the end of the transition period. The Bank of Italy has published a communication recalling the effects of the end of the transition period provided for in the Withdrawal Agreement on 31 December 2020 and asking UK banking and financial intermediaries operating in Italy to provide customers.