The Activity and Sustainability Report for 2025 at a glance

Institutional actions

Banca d'Italia's decisions and actions are mainly aimed at pursuing monetary stability and the stability of the financial system as a whole and for its individual components (intermediaries, market participants and trading and post-trading infrastructures). As regards these objectives, its institutional functions come under four areas: money, the financial system, research and statistics, and services for the State.

For each area, the new features of the year are described and the main functions performed are shown in the boxes at the end of each section.

Money

Monetary policy. - The Governing Council of the European Central Bank reviewed its monetary policy strategy in 2025, confirming both the symmetric 2 per cent inflation target over the medium term and the operational framework. At a time of gradual improvement in the inflation outlook, after making several cuts to the key interest rates, the Governing Council decided to leave them unchanged from July 2025, with inflation at around the 2 per cent target. The conflict in the Middle East that broke out at the end of February 2026 has made the scenario significantly more uncertain; the information that will become available in the near future will make it possible to assess the impact of the war on the inflation outlook and on the associated risks. To define the appropriate monetary policy stance, the Governing Council reiterated that it will continue to follow a data-dependent approach under which decisions will be taken on a meeting-by-meeting basis.

Banca d'Italia's monetary policy assets amounted to €529 billion at the end of the year (€614 billion at the end of 2024) and accounted for 14 per cent of the Eurosystem total. The decrease was mainly due to the reduction in securities held for monetary policy purposes as a result of the full discontinuation of reinvestments.

Foreign currency reserves and gold. - As at 31 December 2025, the value of gold reserves and net assets denominated in foreign currency - held and managed by the Bank pursuant to the Treaty on the Functioning of the European Union and the Statute of the European System of Central Banks (ESCB) - was €343 billion, €88 billion higher than at the end of 2024, owing to the marked increase in the price of gold (whose value in unchanged quantities went from €198 billion to €289 billion). Foreign exchange operations worth €3.7 billion (in line with 2024) were carried out to cover Italy's foreign currency payments and receipts and to manage its foreign currency reserves.

Banknotes. - Banca d'Italia produced 502 million €20 and €50 banknotes in 2025, equal to 17 per cent of the euro-area total, as well as a further 105 million banknotes for testing purposes on behalf of the ECB and in cooperation projects with other central banks. The number of euro banknotes in circulation in Italy (estimated at 5.7 billion) increased by 1.3 per cent compared with 2024; returned and verified banknotes (4 billion and 1.9 billion respectively) decreased by 1.9 and 6.4 per cent. In line with the principles set out in the Eurosystem 2030 Eurosystem's Cash Strategy, the Bank continued to participate in work on the European legal framework for access to and acceptance of cash as a means of payment.

Payment systems. - TARGET services have seen an increase in the number of transactions settled, especially the number of instant payments processed via TIPS, whose volume has more than doubled. Since April 2025, TIPS and T2 have also been settling payments in Danish kroner. The functions enabling the settlement of payments between two currencies were completed in TIPS in 2025. The new Eurosystem collateral management system (ECMS) for credit operations was launched in June 2025. Banca d'Italia continued to be involved in the Eurosystem's strategic projects, notably Pontes and Appia, designed to allow the settlement in central bank money of transactions conducted on platforms based on distributed ledger technologies (DLTs). The aim of these initiatives is to connect traditional financial infrastructures with the new digital platforms. In the short term, Pontes will facilitate dialogue between existing systems and new technologies; in the medium term, Appia will contribute to the construction of a more integrated, efficient and innovative European financial ecosystem.

The digital euro. - The launch of the new phase of the digital euro project was approved at the end of October 2025, during which the Eurosystem will focus on infrastructure development, support for the legislative process, completion of the regulatory framework for intermediaries, and market involvement, including by implementing pilot schemes; the first issuance is scheduled for 2029. Banca d'Italia is in the project as a member of the Eurosystem, as part of ECB-coordinated governance, and in the Alliance for the Digital Euro in which, together with five other national central banks (NCBs), it plays an important part in developing the digital euro service platform.

Market supervision and payment system and instruments oversight. - The supervision of financial markets and their infrastructures and payment systems was stepped up, with a particular focus on the risks to financial stability. The dialogue with corporate representatives was strengthened: 725 meetings took place in 2025, against 530 in 2024. Support continued both for the expansion of the services provided by the Italian central counterparty and for the regulatory developments to promote financial innovation, at European and national level, and market integration. The Bank participated more as part of its cooperation with other European and international authorities, making 546 contributions to the decisions of the Eurosystem committees (488 in 2024) and 808 contributions to other supranational coordination forums (701 in 2024). Commitment to the operational and cyber resilience of the financial system was increased, also in line with the provisions of the Digital Operational Resilience Act (DORA). Oversight focused on the proper functioning of payment instruments, payment services and the related circuits, as well as on national and European payment schemes, while market monitoring and analysis mainly concerned consumers' payment behaviour and the security of various payment instruments. Initiatives continued within the Italian Payments Committee (CPI) and within the innovation facilitators managed by the Bank, confirming its role in promoting dialogue with the market and in working on the evolution of the payments ecosystem. The Bank continued to engage with operators active in innovative solutions through the FinTech Channel, while Milano Hub selected projects dedicated to instant and digital payments, contributing to the experimentation and development of more advanced financial services.

The financial system

Supervision of banking and financial intermediaries. - In 2025, the prudential supervision of banks and other intermediaries mainly concerned: (a) credit risks, looking in depth at the management of non-performing loans and at the effectiveness of securitizations; (b) liquidity and interest rate risks, to assess the stability of funding sources in the current environment of high uncertainty; (c) IT risk and the implications of new technologies and of outsourcing IT services; (d) capital adequacy and business models; (e) climate risk and sustainable finance; (f) corporate governance structures. Over 11,200 supervisory and corrective actions were carried out on banks and almost 4,300 on non-bank intermediaries. Banca d'Italia took part in 25 inspections at Italian significant banks, both for prudential supervision and for the validation of internal models (30 in 2024). It carried out 22 supervisory inspections at less significant banks (26 in 2024), of which 19 covering the full range of activities and risks. In addition, 43 inspections were conducted on non-bank financial intermediaries (40 in 2024). Over the year, the Bank assessed the applications to acquire qualifying holdings of certain Italian significant banking groups and submitted the relevant proposals for authorization to the ECB, which is responsible for adopting the final measure. In 2025, it placed one intermediary and two branches of foreign banks under special administration, extended and then ended the mandates of Commissioners that were temporarily on the boards of directors of two banks, and extended special administrations. Banca d'Italia also contributed to the analyses for and the debate on drawing up policies, international standards and European regulations, and adapted the national provisions accordingly.

Supervision for countering money laundering and the financing of terrorism. - In 2025, Banca d'Italia submitted 356 intermediaries to its annual supervisory cycle to combat money laundering and the financing of terrorism (AML/CFT); 32 banking groups were also analysed at group level. There were 552 interventions, 38 inspections and three thematic surveys, in line with the previous year. The Bank participated in European and national groups dedicated to implementing the new European regulatory framework and cooperated in the assessment of Italy's AML/CFT system conducted by the Financial Action Task Force (FATF). It also extended its supervisory rules to crypto-asset service providers and transposed the European Banking Authority's (EBA) guidelines aimed at ensuring the implementation of the restrictive measures adopted at EU and national level.

Consumer protection and financial education. - In 2025, intermediaries were asked to repay €35.4 million to their customers (€54 million in 2024) as a result of supervisory on-site and off-site inspections. The Bank analysed about 12,800 complaints from the private sector (11,800 in 2024) and just over 3,200 complaints relating to the Central Credit Register (CR; just over 2,800 in 2024) with an average response time of 13 and 18 days, respectively. The Banking and Financial Ombudsman (ABF) decided on almost 12,500 complaints (14,000 in 2024), upholding 37 per cent of them completely or in part. The average duration of procedures was 107 days (114 days in 2024). In 19 per cent of cases, the dispute was concluded with a settlement between the parties. With regard to financial education, there were more projects targeted to specific groups (particularly adults in vulnerable financial conditions), school activities and educational initiatives. In the area of consumer protection regulation and financial education, the Bank cooperated with the relevant ministries and took part in the main national and international thematic groups and forums. In January 2026, the Bank signed a new Memorandum of Understanding with the Ministry of Education for the promotion of financial education in schools, which is now a curricular subject by law.

Crisis management. - As a national resolution authority, Banca d'Italia participated in the activities of several European institutions and forums in 2025, also taking part in the work on revising crisis management and deposit protection legislation. Cooperation with the Single Resolution Board (SRB) continued on resolution planning for significant banks, and the planning cycle for less significant banks was completed. Within the SRB, Banca d'Italia contributed to drafting eight resolution plans for Italian significant banks and approved 110 plans for less significant banks. In 2025, two new compulsory administrative liquidation procedures were initiated; there were 38 under way at the end of the year, involving 18 banks, 6 investment firms (SIMs), 1 investment firm's parent company, 8 asset management companies (SGRs), 2 payment institutions and 3 financial corporations. There were 19 supervised voluntary liquidations (of which three began in 2025): 3 for banks and 16 for other intermediaries. The data are broadly in line with those of 2024.

Financial stability and macroprudential policies. - In 2025, Banca d'Italia conducted wide-ranging analyses on the vulnerability of firms and households, the quality of bank loans, the risks connected with the performance of the real estate market and those stemming from the activity of non-bank intermediaries, as well as the possible impact of climate change and the digitalization of the financial industry. It also participated in discussions on financial stability in various forums for international cooperation. The assessments of the adequacy of the macroprudential capital buffers required of banks continued.

Research and statistics

Research, analysis and economic and financial relations. - In 2025, Banca d'Italia's research focused on various topics relating to the real, monetary and financial economy. Analysis of the real economy focused on: (a) the dynamics of the main macroeconomic variables in light of the transformations in the production system due to innovation and technological transfer, to changes in the institutional environment and to new geopolitical and trade tensions; (b) the role of wage, productivity and profit margin expectations and growth in determining inflation; and (c) the timing, modalities and strength of the propagation of exogenous shocks to the economic system. The study of monetary policy focused on a more effective stance for countering these shocks and on assessing monetary policy transmission in the new macroeconomic scenario, with inflation subsiding from the high levels of recent years, a sharp increase in uncertainty and persistently weak growth. The Bank published 146 research papers in its leading series and 70 external contributions, such as articles published in academic journals (128 and 91 in 2024, respectively). In the context of international cooperation, Banca d'Italia, together with the Ministry of Economy and Finance (MEF), participated in various G20 and G7 activities centred on the objectives of macroeconomic and financial stability, robust, inclusive and sustainable growth, exploiting the potential of new technologies and containing the associated risks. Technical cooperation in favour of emerging countries continued: 116 initiatives were conducted, involving over 900 experts from 62 countries, mainly from the Western Balkans and Africa (100 initiatives and 1,000 experts from 77 countries in 2024).

Statistics. - In 2025, there was a further increase in public interest in the statistics released by Banca d'Italia: downloads of regular statistical publications increased by almost one quarter, from 817,000 to 1,009,000, while accesses to the Statistical Database (BDS) increased by almost one tenth, from 449,000 to 485,000. Over 25,000 interviews were conducted with firms, households and other economic operators. Cooperation with Istat continued apace to improve the consistency between cross-border transaction statistics and the national accounts. The Bank continued to make a significant contribution to the Eurosystem's strategic projects by collecting and compiling monetary, banking and financial statistics.

Services for the State

Services for the State. - In 2025, the Bank carried out 53 million collection and payment transactions on behalf of general government and 110 million for other public sector entities (48 million and 109 million respectively in 2024); on behalf of the MEF, it also managed the placement of government securities with a total nominal value of €544 billion (€546 billion in 2024). Most of the innovations envisaged by the programme for reviewing the IT architecture of treasury procedures (ReTes) have become operational since 1 January 2025. This has simplified collection and payment processes by introducing, among other things, a single standard for interactions with general government. Last year, the digitalization of a wide range of payments to general government was also completed, thanks to Poste Italiane's collections platform.

The main results for the year

The functioning of the Bank

Governance. - Banca d'Italia is an institution governed by public law. The governing bodies are: the Governor, the Governing Board, the Senior Deputy Governor and the Deputy Governors, the Board of Directors, the Board of Auditors, and the Meeting of Shareholders.

In June 2025, the Meetings of Shareholders held at the Ancona, Palermo and Venice branches confirmed as members of the Boards of Directors Orietta Maria Varnelli (for a third term), Salvatore Di Vitale and Renata Codello (both for a second term), respectively. In November 2025, the Meeting of Shareholders convened at the Roma Sede branch elected Teo Luzi as Director. He replaced Massimo Luciani, who stepped down following his appointment as a Constitutional Judge. There are ongoing procedures for appointing two new members of the Board of Directors.

Sergio Nicoletti Altimari was appointed Deputy Governor by a Presidential Decree issued on 2 July 2025 (OJ 25 July 2025), taking over from Alessandra Perrazzelli, whose term of office ended on 9 May 2025.

On 31 March 2026, Luigi Federico Signorini resigned as Senior Deputy Governor before the end of his term of office. Paolo Angelini, formerly Deputy Governor, was appointed Senior Deputy Governor, and Gian Luca Trequattrini, formerly the Secretary to the Governing Board, was appointed Deputy Governor, with effect from 1 April 2026, by a resolution of the Board of Directors and following approval by a Presidential Decree issued on 13 February 2026 (OJ 16 February 2026).

Organizational measures. - The plan to develop the functions and overhaul the structure of the branch network will be fully implemented in 2026, with the aim of strengthening its role in strategically important activities, enhancing ties with local communities, and achieving greater integration with the head office. In 2025 and in the early months of 2026, new dedicated units were set up at Bank branches for customer protection and financial education, anti-money laundering and counter-terrorism supervision, firms' creditworthiness assessments and user services. For efficiency and streamlining purposes, prudential supervision was concentrated in eight branches; cash services for professional customers were discontinued at five regional branches, thus optimizing the distribution of existing equipment across all regions; 10 additional branches (i.e. four provincial branches and six branches specializing in cash handling) were reorganized according to a single-division model. Following these changes, there will be 15 single-division branches. With the closure of the Brescia and Livorno branches, the total number of branches will fall to 36. The plan is supported by measures agreed with the trade unions for the early retirement of staff meeting certain age and age-related contributions requirements, as well as for mobility and work-life balance for staff who will change their place of work. The branch network overhaul is providing opportunities for hiring specialists and creating new career paths for branch network staff.

In 2025, the IT department was reorganized to better tackle the challenges posed by frontier technologies - i.e. artificial intelligence (AI), and quantum and distributed ledger technologies - and to step up protection against cyber threats. This will also help the Bank support the Eurosystem projects in the areas of payments, statistics and the digital euro. Special attention was paid to the adoption of AI, and an AI sub-committee was set up within the Management Coordination Committee to promote and coordinate AI initiatives and to guide its use in work processes.

(1) Following the closure of the Brescia and Livorno branches in 2026. - (2) The House of the Euro, established in Brussels, hosts experts from the ECB and NCBs in order to step up cooperation on matters of common interest, such as banking and financial regulation and the National Recovery and Resilience Plan (NRRP). - (3) The Financial Intelligence Unit for Italy (UIF), established pursuant to Legislative Decree 231/2007, is an independent body that performs its functions in full autonomy.

Human resources. - At the end of 2025, Banca d'Italia had 7,050 employees (+23 employees on the previous year), as a result of a slight increase in staff at its head office (+62; 4,866 at the end of 2025) and a small reduction in staff both at branches (-36; 1,908 at year-end) and on temporary secondments or on leave at other bodies and organizations (-3; 272 at year-end, of which 28 per cent at the ECB and 17 per cent at international organizations); the number of people at the representative offices abroad remained unchanged at four. More than 400 hirings have been planned for 2026, to support the Bank in its main commitments at European level, in reorganizing the branch network, and in stepping up its digital transformation. The Bank expects to close 2026 with employee growth.

IT resources. - To expand the scope of the Bank's digital transformation and to enhance its ability to innovate and to make advanced use of information, new investments were made in technological infrastructure and advanced technologies. In the field of generative artificial intelligence, the Bank adopted tools that help increase individual productivity and started to phase in digital agents that can carry out complex activities. A new platform for managing and analysing large volumes of data (including unstructured data) is under completion. This will be key to leveraging the Bank's wealth of information for institutional activities and business processes.

In 2025, Banca d'Italia completed its comprehensive applications reengineering programme using open and standard processing systems, which delivered benefits in terms of flexibility, interoperability and technological sustainability.
The Bank continued to develop its data centres' private cloud services, which are at the core of the technological infrastructure used for the digital euro project.

Logistical resources. - The process for streamlining and renovating the Bank's real estate assets continued. Including the sales of five former branches and one housing unit in 2025, the sales that started in 2014 have covered about three quarters of the buildings no longer used for institutional purposes as a result of the branch network overhaul process (for a total amount of €212 million against a book value of €190 million). The Bank also continued its smart-office redesign programme, which, together with building renovations, will make it possible to cut space requirements and the associated management costs.

The internal control system. - Internal Audit, which is the third pillar of the internal control system, performed 34 audits on the Bank's processes, units and IT systems (37 in 2024). The Financial Intelligence Unit received advice on information and IT systems management security.

Communications. - In 2025, the Bank launched a new version of its website, featuring a clean-cut design and offering easier use and greater accessibility. The Centrale podcast series on the Bank's institutional tasks and public services was released on the leading digital platforms. There were 3 million downloads of the Bank's main institutional, research and statistical publications (+8 per cent compared with 2024). The Bank's website attracted an average of 1,380,000 unique users per month, and its YouTube channel had 185,000 views. With regard to internal communication, a total of 490 items were published on the intranet, including news and other useful information for staff, and 63 videos, interviews and original podcasts.

Financial results and operating costs. - The Bank's financial resources come from monetary policy operations, from the management of foreign currency reserves, from the securities portfolio held for investment purposes and from the services provided. After closing two years with a gross loss, the Bank returned to a gross profit of €3,018 million for 2025. The net profit (after a €900 million allocation to the general risk provision and after taxes amounting to €466 million) was €1,652 million.

The resources used for the Bank's activities - assessed according to the cost accounting criteria shared with the other Eurosystem central banks and therefore not in line with the balance sheet figure, amounted to €1,856 million, up by 4 per cent in nominal terms from the previous year (3 per cent in real terms). This increase was mainly due to: (a) higher charges for the Bank's activities in the financial system (particularly for increasing prudential supervision, the protection of bank and financial customers and the UIF's action to counter money laundering and the financing of terrorism); and (b) the costs incurred for new projects in the area of money, such as the digital euro and DLT-based transactions in central bank money. Conversely, costs declined in other institutional areas (especially the State treasury and banknote production).

In connection with the development and management of technological infrastructure on behalf of the Eurosystem, in 2025, the Bank received €71 million (€117 million in 2024) in reimbursements from the other NCBs that co-own Eurosystem infrastructure and €35 million (€38 million in 2024) in fees from market participants. Over the three years 2026-28, the Bank will pay about €260 million upfront as a service provider and will be refunded later on; the Bank's share of costs as a co-owner of Eurosystem infrastructure will be lower (€220 million).

Commitment to environmental, social and governance sustainability

Banca d'Italia recognizes the importance of sustainability issues in the exercise of its functions and draws up strategies, policies, actions and metrics to pursue its commitment to sustainable development and to manage the impacts (both actual and potential) on the environment, society and governance, as well as the associated financial risks. The data are structured along the lines of the standards established by the European Financial Reporting Advisory Group (EFRAG).

Environment

The impact of the Bank's institutional functions on the environment. - Banca d'Italia has long been working at national and international level to assess the implications of climate-related and environmental risks (including both physical and transition risks) for the economic and financial system, and to take into account sustainable development goals in the performance of its institutional functions. It has done so in its various roles as a monetary authority, supervisory authority over financial intermediaries, investor, research institution, and financial education and sustainability advocate for consumers and businesses.

As a monetary authority, Banca d'Italia, together with the other euro-area NCBs, participates in the implementation of the Eurosystem's action plan in order to include climate change considerations in its monetary policy strategy. The measures promote the integration of environmental factors into macroeconomic analysis models, into the estimation of risks to the Eurosystem's balance sheet and into the management of corporate bonds purchased for monetary policy portfolios. They are designed in line with the primary objective of price stability.

In the area of supervision of banking and other financial intermediaries, the Bank's policy aims to verify and raise supervised entities' awareness of environmental risks, as well as to keep supervisory methodologies continually updated.

In 2025, Banca d'Italia gave a positive evaluation of the measures taken by significant banks to integrate climate-related and environmental risks into their stress tests and internal capital adequacy assessment process. Interactions with less significant banks and with non-bank financial intermediaries on climate-related and environmental risks continued as well, with a focus on monitoring the implementation of the 2023-25 action plans prepared by intermediaries to align with supervisory expectations.

As a research institution, the Bank has produced studies on energy and climate change that have gradually been integrated into the traditional areas of economic research, in order to assess the impact of these aspects on economic, production and social systems and on financial stability.

The global nature of environmental, social and governance (ESG) risks has led to greater cooperation at national, European and international levels. At international level, the Bank cooperates with various organizations, such as the G20, the G7, the Network for Greening the Financial System (NGFS), the Financial Stability Board (FSB) and the Basel Committee on Banking Supervision. At European level, it actively contributes to the EBA's regulatory work; within the Eurosystem, it manages climate-related risks both in its institutional operations and to prepare intermediaries and the system as a whole to address these risks. At national level, it is part of the MEF's working group on sustainable finance.

Specific initiatives for adults and schools are being promoted in the area of financial education to explain the topics of sustainable finance using clear and simple language; there is a section on this topic on the Economics for everyone portal.

Sustainable investment. - As an investor, the Bank has integrated sustainability criteria into the management of investment portfolios, in line with its Responsible Investment Charter. The methodologies used and the results achieved are described in the Annual report on sustainable investment and climate-related risks.

The Bank's environmental footprint. - Banca d'Italia was among the first Eurosystem central banks to adopt a Transition Plan for Climate Change Mitigation and Adaptation. Published in early 2026, the Plan outlines strategies, quantitative targets, actions and governance measures to achieve net zero emissions by 2050, to reduce the exposure of its cost structure to oil and gas shocks and to improve the resilience of the Bank's infrastructure to the impact of climate change. In addition, the Plan sets two milestones to be achieved by 2035: (a) a 67 per cent reduction in direct emissions (Scope 1) and in indirect emissions from energy consumption (Scope 2); and (b) a 40 per cent reduction in indirect emissions produced throughout the Bank's value chain (Scope 3).

The Bank continued to instal electric heat pump systems, improve the energy efficiency of buildings and plants, and set up photovoltaic systems in 2025. Workplaces in newly renovated buildings have been redesigned with a view to space saving and desk sharing. A number of buildings not open to the public have been regularly closed for a few days around national holidays and during the summer period, in order to cut energy consumption and property management costs.

As part of sustainable mobility initiatives, the fleet of shuttle buses used to connect the Bank's various premises in Rome now includes some less polluting methane-fuelled buses, which currently account for 19 per cent of the total, given the limited availability of this type of bus on the market.

Total greenhouse gas emissions fell by almost 5 per cent in 2025 compared with the previous year, mainly owing to the decline in emissions associated with the purchase of capital goods and with the transport of banknotes to and from other central banks. They were almost 20 per cent lower than in 2019, the base year identified in the Bank's transition plan. Compared with 2024, total energy consumption fell by 3.3 per cent overall. More specifically, electricity and methane gas demand went down by about 3.8 and 3.7 per cent respectively. By contrast, diesel consumption rose for the power units at the Centro Donato Menichella, due to extraordinary maintenance and management operations. The share of self-generated renewable energy increased significantly during the year.

Social commitment

Society. - The Bank influences people's lives by protecting price stability, safeguarding the sound and prudent management of financial and banking intermediaries, and ensuring the proper functioning of payment infrastructures, systems and services. In carrying out its functions, the Bank achieves financial results that benefit the public, as it distributes part of its profits to the State (in addition to paying taxes). In 2025, €1,272 million were transferred to the State; taxes for the year amounted to €466 million.

Maximizing the development of human resources. - The Bank's HR management function supports the full professional development of human capital, which it considers key to the pursuit of its institutional purposes, also with a view to making the organization increasingly efficient and able to innovate. In this regard, recruitment policies continued to support the growing need to diversify skills and strengthen the Bank's functions across the board, including through the recruitment of specialists alongside traditional professional profiles.

Dedicated listening and engagement channels are available to staff and HR management policies are based on principles of impartiality and non-discrimination.

In 2025, policies to reduce gender gaps at all levels and in managerial roles were strengthened, and a specific measure to support parenthood was approved.
In 2024, Banca d'Italia obtained certification from the EDGE Certified Foundation, currently under renewal. It covers gender equality and policies for the inclusion of people with disabilities, for people who are part of the LGBTQ+ world, and for different age groups.

As regards health and safety protection and staff well-being, the Bank (a) ran a new objective assessment of work-related stress with a broadly positive outcome, though with some areas for improvement; (b) fine-tuned its risk assessment methodology; and (c) carried out specific investigations and on-site inspections, both at the head office and across the local branch network.

There is a particular focus on staff development, including through targeted career paths, both professional and managerial, and using dedicated consultancy staff. In 2025, the Bank obtained UNI ISO 29993:2019 and UNI ISO 29994:2021 certification for its training services. Overall, 97 per cent of staff took training courses, with an average of 48 hours of training per participant (3 per cent of total hours worked); 62 per cent of courses were provided online.

Staff members take part in the decisions that influence the employment relationship primarily through their trade union representatives. Trade union representation at the Bank is significant, with 8 trade unions and 4,602 members as at 31 December 2025.

In 2025, the Bank and trade unions reached agreements on a number of important issues (including compensation, corporate welfare and measures to support the implementation of the branch network overhaul plan), and to update the regulatory remuneration framework for the banknote production process.

Information services and accessibility. - The Bank provides information services for the public, on its website and particularly through the Online Services for the Public platform. Users also have access to two registers, the Central Credit Register (CR) and the Interbank Register of Bad Cheques and Payment Cards (CAI), where they can check their position and ask banks or financial firms to correct or delete data in the event of incorrect or non-required reporting. Some services are available via a toll-free number. In 2025, there were over 994,000 requests for access to CR data (947,000 in 2024) and 74,271 requests for access to CAI data (73,457 in 2024). As of 13 April 2026, the online services portal for the public is the only online channel available for submitting requests for access to information from the CR and the CAI and for filing complaints. The Bank also provides specific services free of charge at dedicated places in its branches.

Cultural and solidarity initiatives. - The Bank's social commitment also consists in promoting culture, in organizing initiatives to support environmental and social bodies and associations, as well as in directly providing the public with information services. Loans of artworks and guided tours of the Bank's historical buildings continued in 2025. As part of the training for young people, in addition to the work experience programmes for high school students (238 in the school year 2024-25), 194 training internships were provided for recent graduates with master's degrees, in collaboration with many universities. Pursuant to a long-standing provision of the Bank's Statute, a total of €3.7 million was given to support 122 projects of public interest. The disbursements are made - based on a sum decided every year by the Board of Directors - according to the criteria and procedures available on the Bank's website, where a list of recipients of contributions of more than €1,000 is also published every year.

Governance

Ethics, prevention of corruption, and transparency. - The Bank is committed to promoting integrity and transparency when conducting its activities. Staff behaviour is overseen through a unified strategy to prevent illicit conduct and an ethical framework based on rules that aim to avert conflicts of interest and the misuse of confidential information. Legislative Decree 208/2025, implementing Directive (EU) 2024/1619 (Capital Requirements Directive, CRD6), introduced provisions on conflicts of interest, including after termination of office, and on financial investment for both members of the Governing Board and staff in key functions (i.e. supervision and market operations). Internal procedures have been updated accordingly. There is an ongoing focus on staff training to raise awareness of ethics and integrity issues and to foster a law-abiding culture.

Relations with suppliers. - Banca d'Italia is guided by principles of good faith, competition, impartiality and non-discrimination. Its priority objectives are: compliance with the regulations, the quality of supply and the inclusion of environmental and worker protection clauses in tenders and the digitalization of the spending process. In 2025, the Bank continued its cooperation on procurement with both national authorities and NCBs within the Eurosystem Procurement Coordination Office (EPCO).

Security, integrity and reliability of information systems. - The availability of reliable, efficient, secure and resilient infrmation systems is an essential prerequisite for the proper performance of the Bank's functions and for the stability of the financial system itself.

The Bank revised its cloud services policy in 2025 to improve the related risk assessment, and stepped up efforts to counter cyber threats. Specific initiatives were launched to raise staff's awareness of the latter and of how to respond.

The Bank's strategic Plan

The Bank's strategic vision steers the development of its functions and activities in the long term. Banca d'Italia is an innovative institution that puts people at the heart of its action, promotes transparency, sustainability and security, and strengthens society's trust, including by offering high-quality, more efficient and accessible services, and by leveraging the opportunities provided by technology.

The 2026-2028 Strategic Plan - drawn up in 2025 and published in March 2026 - translates the Bank's institutional mandate into operational priorities, setting out the allocation of resources according to the plan's objectives.

Multi-year projects and initiatives involving the head office and the branch network have been planned to achieve the Bank's objectives.

The strategic planning cycle for 2023-25 ended in 2025 (see Activity and Sustainability Report on 2024 ). The activities outlined in the previous strategic plan and carried out in 2025 are illustrated in this year's report.