National Resolution Fund - Annual Report 2016

The Annual Report of the National Resolution Fund consists of the balance sheet, the profit and loss account, the statement of changes in the endowment fund, the notes to the accounts and a report on operations and activities.

The Fund’s annual accounts are audited by the same independent firm that audits the Bank’s annual accounts.

The Bank’s Board of Auditors makes checks on the administration of the Fund and verifies that the Fund’s accounting records are kept in compliance with the law.

The Governing Board of the Bank of Italy approves the annual accounts accompanied by the reports of the Board of Auditors and of the independent auditor.

The annual accounts for the year ended 31 December 2016 show the following results:

  • Assets: € 1,796,795,376
  • Liabilities: € (2,672,035,653)
  • Endowment fund (excluding the loss for the year): € 1,719,382,549
  • Net result for the period: € (2,594,622,826)
  • Endowment fund at 31 December 2016: € (875,240,277)

This loss was for the most part the result of write-downs of the value of the shareholdings in the four bridge banks to be sold in 2017 and the provision to cover the estimated maximum outlay that the Fund might be required to make in connection with recapitalizations agreed on the sale of the four bridge banks.

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