No. 2 November 2025
The rules on stablecoins and the potential risks to financial stability (p. 9)
Hydrogeological risks and credit risks (p. 24)
Stress test of Italian less significant banks (p. 32)
Reform of the European crisis management framework (p. 33)
The crowdfunding service providers sector in Italy (p. 41)
No. 1 April 2025
Developments in the crypto-assets market and the risks to financial stability (p. 9)
Certificates and their uptake in Italy and in the main euro-area countries (p. 17)
The exposure of the euro-area banking system to the sectors most vulnerable to US tariffs (p. 27)
Mitigating risks stemming from natural catastrophes (p. 42)
No. 2 - November 2024
Supervisory assessments of less significant banks (p. 21)
Online deposit transfers and bank funding stability (p. 26)
Analysing the liquidity stress tests carried out by the managers of vulnerable open-end funds (p. 38)
No. 1 - April 2024
Early repayments and the contraction in lending to firms (p. 17)
Developments in the securitization of non-performing loans (p. 22)
An analysis of real estate lending standards in Italy (p. 24)
No. 2 - November 2023
An analysis of commercial real estate loans in comparison with the main euro-area countries (p. 18)
Loans to firms backed by COVID-19 guarantees: repayment and risk trends (p. 22)
Stress tests on Italian less significant banks (p. 28)
The use of the CCyB in European Economic Area countries (p. 38)
The new classification of other systemically important institutions (p. 40)
No. 1 - April 2023
Consumer credit in Italy in 2022 (p. 16)
The effects of rising energy costs on credit risk in the main euro-area countries (p. 23)
Analysis of IT risk in connection with the digitalization of less significant institutions (p. 32)
The risks to financial stability stemming from the activity of real estate funds (p. 40)
No. 2 - November 2022
Energy derivatives exposures of Italian counterparties (p. 9)
Household exposure to the interest rate risk inherent in mortgage loans (p. 21)
MREL for Italian significant banks (p. 32)
Vulnerability analysis of the Italian banking system (p. 38)
The impact of inflation dynamics on the non-life sector (p. 42)
The recent use of the CCyB in SSM countries (p. 50)
No. 1 - April 2022
The role of the PEPP in stabilizing the market (p. 13)
Climate change and the vulnerability of households and firms (p. 20)
Capital increases by firms during the pandemic (p. 23)
The phasing out of support measures and bank asset quality (p. 32)
Risks to banks' assets deriving from the war in Ukraine (p. 35)
Analysis of bank loans to the commercial real estate sector (p. 38)
The banking system's exposure to physical risk stemming from climate change (p. 40)
The potential risks to the insurance sector because of the war in Ukraine (p. 51)
The results of the insurance stress tests (p. 52)
Corporate bond funds: central bank interventions after the pandemic and regulatory reforms (p. 56)
The actual usability of the combined buffer requirement for italian banks: a comprehensive approach (p. 63)
The Bank of Italy's intervention power: assessing the risks to financial stability (p. 65)
No. 2 - November 2021
The financial crisis of the Chinese real estate group Evergrande (p. 8)
Bond funding during the pandemic (p. 17)
The new euro money market benchmarks (p. 23)
The riskiness of firms benefiting from liquidity support measures (p. 34)
Stress tests for Italian less significant banks and other supervisory measures (p. 41)
Combating cyber risks to supervised intermediaries: data for Italy (p. 44)
The outsourcing of services in the Italian financial system (p. 45)
Investments by insurance companies during the pandemic (p. 50)
Changes in the use of systemic risk buffers following the transposition of CRD V (p. 58)
No. 1 - April 2021
Lending to firms in Italy and in the main euro-area countries during the pandemic (p. 11)
The liquidity of Italian households during the pandemic (p. 18)
The first BTP Green issue (p. 29)
Management and measurement of credit risk for loans subject to debt moratoriums (p. 37)
The performance of operations backed by guarantee schemes for the securitization of bad loans (p. 39)
The macroprudential measures proposed by EIOPA in the 2020 review of Solvency II (p. 51)
The creation of macroprudential space (p. 59)
The introduction of new macroprudential instruments in Italy (p. 61)
No. 2 - November 2020
The impact of the pandemic on the riskiness of firms (p. 18)
Investor behaviour in the market for Italian government securities (p. 24)
Trends in the spreads and ratings of bond issuers in Italy and in the Euro area (p. 27)
The effects of the pandemic on banks' exposure to credit risk (p. 33)
The banking system's exposure to climate-related financial risks (p. 36)
Effects of possible rating downgrades of corporate bonds held by the insurance sector (p. 47)
Launch of liquidity risk monitoring in the insurance sector (p. 49)
The investment choices of institutional investors after the start of the pandemic (p. 51)
No. 1 - April 2020
Global measures to support financial stability (p. 8)
The effects of the pandemic on firms' liquidity needs (p. 22)
Public intervention in lending to firms (p. 23)
Measures adopted by the supervisory authorities and effects on banks (p. 41)
The liquidity risk connected with the use of derivatives by Italian open-end investment funds (p. 47)
The macroprudential measures adopted in the European Union in response to the spread of COVID-19 (p. 52)
No. 2 - November 2019
The real estate cycle and banks' profitability (p. 9)
The asset diversification and market value of banks (p. 11)
Stablecoins and financial stability (p. 12)
Financial conditions and economic growth in Italy (p. 15)
The stress tests on Italian less significant banks (p. 36)
The effects of low interest rates on Italian insurance companies (p. 42)
The liquidity risk of Italian open-end investment funds (p. 44)
The borrower-based macroprudential measures adopted in the European Union (p. 51)
No. 1 - April 2019
The financial condition index for Italy (p. 9)
The effects of consumer credit and mortgage renegotiations on households' financial vulnerability (p. 14)
New money market reference rates (p. 19)
The NPL reduction plans of less significant banks (p. 27)
The shift in Italian banks' retail funding (p. 29)
The results of the insurance stress tests (p. 36)
The impact of recent changes in the rules on PIR funds (p. 39)
The main macroprudential measures recently adopted in the European Union (p. 45)
The main changes to the macroprudential instruments envisaged by European legislation (p. 47)
No. 2 - November 2018
The financial risks connected with the withdrawal of the United Kingdom from the European Union (p. 8)
The effects of changes in the ratings of Italian government securities (p. 11)
The implications for the Italian economy of an increase in the yields on government securities (p. 14)
Indicators of the risks for banks stemming from mortgage loans (p. 17)
The expansion of consumer credit in the main euro-area countries: drivers and risks (p. 20)
The liquidity of the secondary market for Italian government securities (p. 29)
The results of the EU-wide stress tests (p. 41)
The proposals for macroprudential measures in the insurance sector (p. 46)
The main macroprudential measures recently adopted in the European Union (p. 52)
No. 1 - April 2018
The spread of crypto-assets and the implications for financial stability (p. 8)
Financially vulnerable firms after the crisis (p. 16)
The results of ESMA's second EU-wide CCP stress test (p. 19)
Italian measures to facilitate the recovery of non-performing loans secured by real property (p. 26)
The new rules on the MREL requirement and the effects on bank funding (p. 28)
The effects of an interest rate rise on liquidity indicators (p. 31)
The impact of long-term guarantees under Solvency II (p. 35)
The main macroprudential measures recently adopted in the European Union (p. 44)
No. 2 - November 2017
Italian firms' probability of default (p. 15)
Euribor, Eonia and financial stability (p. 18)
Effects on the markets of the recent resolution of the problems of some Italian banks (p. 22)
The cost of equity for Europe's banks (p. 23)
The recent proposals of the ECB and the European Commission on NPL provisioning (p. 27)
The impact of the new IFRS 9 accounting standard (p. 34)
Insurance companies' investments (p. 39)
Individual savings plans (p. 40)
The main macroprudential measures recently adopted in the European Union (p. 46)
No. 1 - April 2017
The impact of uncertainty on business lending in Italy (p. 7)
The quality of banks' portfolios and the supply of credit to firms (p. 21)
The composition of assets measured at fair value in banks' balance sheets (p. 26)
The risks to financial stability arising from the activity of open-end investment funds (p. 32)
The impact of the real estate cycle on Italy's property fund sector (p. 33)
No. 2 - November 2016
Macroprudential measures recently adopted in Italy (p. 10)
Indicators of financial vulnerability for households (p. 16)
The effects of the allowance for corporate equity on firms' debt (p. 18)
Firms' financial vulnerability and the allocation of credit (p. 19)
The opportunities and risks of blockchain technology (p. 28)
Minimum requirement for own funds and eligible liabilities (MREL) (p. 36)
The profitability of Italian banks over the last decade (p. 42)
Insurance undertakings' own risk and solvency assessment (p. 46)
No. 1 - April 2016
Macroprudential policy in Italy and the European Union (p. 9)
The real estate market and financial stability in Italy (p. 13)
Households' holdings of bank debt instruments and exposure to bail-in risk (p. 15)
The role of central counterparties in reducing systemic risk on the repo market (p. 22)
Recent developments in banks' share prices in the euro area (p. 30)
The launch of the Atlante fund (p. 31)
The management of banks' non-performing loans (p. 34)
The regulation of banks' sovereign debt exposure (p. 37)
The liquidity coverage ratio (p. 41)
The recent reform of Italian mutual banks (p. 44)
The financing of the Single Resolution Fund (p. 46)
Multi-class insurance products (p. 50)
No. 2 - November 2015
Recent trend in the liquidity of euro-area government bonds (p. 8)
The credit cycle and the countercyclical capital buffer (p. 11)
The Bank of Italy's macroprudential function (p. 12)
Italian firms' foreign debt (p. 20)
The effects of the economic recovery on firms' vulnerability (p. 23)
The impact of the Public Sector Purchase Programme on the Italian government securities market (p. 27)
TARGET2-Securities and financial stability (p. 32)
The low level of banks' share prices in the euro area (p. 34)
The risks of the insurance industry under the new Solvency II regime (p. 48)
The effects of the prolonged period of low interest rates on Italian insurance companies (p. 50)
No. 1 - April 2015
A special purpose company for the purchase of Italian banks' bad debts (p. 20)
Deferred tax assets: loss absorption capacity and inclusion in Italian banks' capital (p. 26)
The impact of the asset purchase programme on banks' profitability (p. 29)
The EIOPA stress test for the risk of low interest rates (p. 32)
No. 2 - November 2014
The risks of low inflation for financial stability in the euro area (p. 12)
The effects of the stagnation of income on the vulnerability of indebted households (p. 18)
New issuers of bonds, 2002-13 (p. 21)
Leverage and bad debts of firms (p. 22)
The valutation of real estate collateral in the AQR (p. 28)
The initial impact of the stress tests on banks' shares and CDS spreads (p. 31)
Interest rate risk and net interest income in the comprehensive assessment (p. 40)
The new rules on lending to firms by non-bank intermediaries (p. 44)
Liquidity developments following the monetary policy decisions of June 2014 (p. 49)
The measures to promote the use of bank loans as collateral for eurosystem credit operations (p. 51)
Developments in market making and the resilience of the MTS market (p. 54)
No. 1 - May 2014
The transmission of us interest rate rises to euro-area interest rates (p. 11)
The fragmentation of euro-area financial markets (p. 13)
Bond issues by Italian firms in the last decade (p. 21)
The road to Banking union (p. 23)
Definition of non-performing exposures and forbearance in the eBA rules and the asset quality review (p. 27)
Italian banks' deleveraging in the european context (p. 33)
Recent developments in banks' branch networks in Italy (p. 34)
Insurance companies' investments in bonds issued by sMes (p. 37)
An indicator of systemic liquidity risk in the Italian financial markets (p. 41)
The diffusion and risks of virtual currencies: the case of Bitcoin (p. 42)
No. 6 - November 2013
The new rules on state aid to banks (p. 12)
The principal support measures for small and medium-sized enterprises (p. 20)
The eBA's definition of forbearance and non-performing exposures (p. 25)
Banks' recent purchases of Italian general government securities (p. 28)
The risks for banks deriving from a rise in interest rate (p. 32)
The weight of level 3 assets in the total assets of european banks (p. 33)
The impact on capital of Basel III: static analysis and stress tests (p. 35)
The impact of the introduction of solvency II (p. 40)
Survey of life insurance companies' exposure to interest rate risk (p. 41)
The Bank of Italy's new model for credit risk assessment (p. 46)
No. 5 - April 2013
Local authorities' derivatives transactions (p. 8)
The loan-to-value ratio for residential mortgage loans in the euro-area countries (p. 15)
Access to credit according to size of firm (p. 19)
The recent check on the quality of Italian banks' assets (p. 26)
Non-performing loans and collateral and guarantees (p. 27)
Banking book versus trading book: the incentives introduced by Basel 2.5 (p. 33)
International banks' risk-weighted assets (p. 34)
The earnings prospects of listed banking groups: an analysis of their budgets for 2013 (p. 37)
An evaluation of the main risks for the Mts Repo market (p. 43)
The new european regulation on short selling (p. 48)
No. 4 - November 2012
The dynamic of Italy's public debt (p. 10)
sovereign spreads and euro reversibility risk (p. 14)
The determinants of house prices in Italy (p. 20)
The cost of bond funding for firms (p. 24)
The transmission of sovereign debt market strains to banks' activity in Italy (p. 28)
Coverage ratios and write-offs (p. 33)
The funding gap of Italian banks (p. 36)
Italian banks' liquidity position and asset encumbrance (p. 37)
The risk-weighted assets of Italian banks (p. 41)
The intraday liquidity risk of banks connected to tARget2-Banca d'Italia (p. 47)
The efficiency of the secondary market in government securities (p. 52)
Non-residents' demand for Italian government securities (p. 53)
No. 3 - April 2012
The dynamic of Italy's public debt (p. 9)
The international investment position of some euro-area countries (p. 11)
Moratoria on firms' debt: forbearance risk? (p. 18)
The recent trend in residents' deposits (p. 28)
Italian banks' foreign fund-raising (p. 29)
Lch.clearnet sA's margin initiative (p. 38)
Measures to expand collateral in eurosystem operations (p. 41)
No. 2 - November 2011
The sustainaibility of the public finances (p. 13)
The dynamic of Italy's public debt (p. 14)
The impact of sovereign risk on banks' funding (p. 18)
Financial interconnectedness in europe (p. 21)
The financial vulnerability of indebted households (p. 27)
The exposure of firms to a cyclical deterioration (p. 30)
Indicators of interdependence between banks (p. 33)
The regulatory proposals for systemically important financial institutions (p. 49)
The holders of the Italian public debt and government securities (p. 57)
The measures against fails and short selling (p. 61)
Intraday liquidity risk in tARget2-Banca d'Italia (p. 62)
No. 1 - December 2010
The economic outlook for central and eastern europe (p. 10)
The sustainability of the public finances (p. 11)
The effects of the public debt on long-term interest rates (p. 15)
The interventions in support of the financial system (p. 19)
Indicators of interdependence between banks (p. 27)
The supply of credit to firms in italy (p. 30)
The methodologies for measuring interest-rate risk (p. 38)
Calculation of capital charges for market risk (p. 40)
The regulation of operational risk (p. 42)
Accounting standards and bank profit (p. 43)
Executive compensation schemes in italian banking (p. 44)
The economic impact of the new capital adequacy and liquidity rules (p. 46)
Financial conglomerates: idiosyncratic risks and the framework of supervision (p. 51)
A financial market liquidity indicator for Italy (p. 52)
The collateralized interbank market (p. 54)
Italian government bond specialists' contribution to trading on the mts market (p. 59)
The proposal for a european regulation on short selling (p. 59)
Cassa di compensazione e garanzia s.p.a (p. 62)
International initiatives on central counterparty services for otc derivatives (p. 62)
Simulation of the effects on target2-Banca d'Italia of a shock in the interbank market (p. 63)
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