Annual Accounts - Year 2018Ordinary Meeting of Shareholders - 29 March 2019

On 29 March 2019, the Ordinary Meeting of Shareholders approved the Bank of Italy's Annual Accounts for 2018. Assets grew by €37 billion, largely owing to the purchase of securities for monetary policy purposes, to stand at €968 billion at the end of the 2018.

Gross profit before tax and transfers to the provision for general risks was €8,895 million, slightly higher than the €8,378 million recorded in 2017.

The provision for general risks, which under the Bank of Italy's Statute covers its overall exposure to risk, increased by €1,500 million, in order to continue the gradual strengthening of the financial buffers, taking into account the expansion of the balance sheet and of the Bank's overall risk exposure due to the purchase of securities for monetary policy purposes.

Taxes for the year amounted to €1,155 million (€1,563 million in 2017).

Out of the net profit of €6,240 million (€3,895 million in 2017), €150 million were allocated to the ordinary reserve and €340 million were awarded to the shareholders in the form of dividends.

However, the amount of dividends actually paid was €227 million because, pursuant to Article 3 of the Statute, dividends on shares exceeding the 3 per cent threshold, totalling €113 million, were allocated to the ordinary reserve, which on the whole grew by €263 million (compared with €272 million in 2017).

Moreover, €40 million were allocated to the special item set up in 2016 for the long-term stabilization of the net profits to be paid to shareholders under the dividend policy in force.

The amount assigned to the State is equal to €5,710 million.

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Address by Governor Ignazio Visco