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 by April 30th of the following year of the report.
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.
Following the amendment made by Bank of Italy Provision No. 1091053/2023, the Bank's Board of Auditors is responsible for performing control functions over the administration and, in order to ensure compliance with the rules, supervises the adequacy of the Fund's accounting structure.
The Indipendent auditor verifies that the Fund's accounts are properly kept.
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 2023 are as follows:
- Assets € 166,677,961;
- Liabilities € 96,180,173;
- Endowment fund (excluding the result for the year) € 162,384,239;
- Net result for the year € (91,886,451);
- Endowment fund at 31 December 2023 € 70,497,788.
The negative net result for the year is largely attributable to:
- Write-downs of shareholdings € (94,726,036);
- Allocations to the provisions for risks € (2,683,897);
- Indemnities paid € (3,657,528);
- Realized gains € 10,191,264.
