The Bank of Italy updates and streamlines the information published on its website on the fight against usury (Law 108/96) in order to take account of changes in the external environment and in the dedicated internal function (which is now part of the Directorate General for Consumer Protection and Financial Education).
These updates aim to:
- provide a clearer picture of the role the Bank of Italy plays and the technical support it provides - including through its local branches - to the Italian Ministry of Economy and Finance (MEF), the judicial authorities and any other authorities with statutory powers and responsibilities in this area;
- refer users to the information made available by other competent authorities (MEF, the Special Anti-Usury Commissioner at the Italian Ministry of the Interior and the prefectures), including the measures to prevent usury and assist its victims under Law 108/96 (i.e. the Usury Prevention Fund and the Solidarity Fund for Victims of Usury);
- make information easier to access, including by highlighting speeches and presentations given by Bank of Italy representatives on the subject.
The latest updates are now available under 'Anti-usury policies and regulations'.
These include information on average overall effective rates (Tassi Effettivi Globali Medi, TEGMs) and the related time series, instructions for the reporting of TEGMs provided for reporting entities and the criteria for handling regulatory queries.
For issues that fall under the remit of other authorities, key information and links to official sources are provided.
Information on the role of 'anti-usury' TEGMs and how to calculate them - as opposed to other interest rate indicators provided by the Bank of Italy - and other official information sources are summarized under the new glossary item TEGM.
