The National Resolution Fund was established by the Bank of Italy pursuant to Article 78 of Legislative Decree 180/2015.
Governed by Title V of Legislative Decree 180/2015, the Fund aims to enable the Bank of Italy, in its capacity as a National Resolution Authority, to achieve the resolution objectives as set out in Article 21 of Legislative Decree 180/2015, in compliance with the principles established in Article 22 of the same Decree.
The Fund has independent assets, completely separate from those of the Bank of Italy and from any other assets managed by the Bank, as well as from those of any entity that provided resources to the Fund itself.
An annual report is drawn up for the Fund and it is published together with the Bank's annual accounts.
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 main results of the annual accounts for the year ended 31 December 2019 are as follows:
- Assets € 399.147.691;
- Liabilities € 704.374.841;
- Endowment fund (excluding the result for the year) € (233.031.576);
- Net result for the period € (72.195.574);
- Endowment fund at 31 December 2019 € (305.227.150).
The negative net result for the period is largely attributable to:
- Interest expense € (22.8 million);
- Allocations to the provisions for risks € (42.5 million).