No. 1050 - Interconnectedness in the Italian financial sector: banks, investment funds and insurance companies
The paper illustrates the interconnections in Italy - through loans and financial instruments - among banks, investment funds and insurance companies, as well as between these intermediaries and the economy, over the period 2019-2025. The analysis uses balance-sheet data for individual intermediaries and considers interconnections arising both from direct exposures between them and from indirect links attributable to exposures to the same sectors of economic activity or the same counterparties.
The analysis shows that banks are mainly exposed to households and non-financial corporations, while lending to funds and insurance companies is limited. Insurance companies mainly hold shares in investment funds. The latter invest predominantly in securities issued by non-financial corporations and, to a lesser extent, by banks and other funds. Government securities are a significant part of assets for all three types of intermediary.
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