The National Resolution Fund was established by Banca d'Italia pursuant to Article 78 of Legislative Decree 180/2015.
Governed by Title V of Legislative Decree 180/2015, the Fund aims to enable Banca d'Italia, 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 Banca d'Italia and from any other assets managed by it, 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 30 April of the year following the reference year.
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 Banca d'Italia's annual accounts.
Following the amendment made by Banca d'Italia Provision No.1091053/2023, Banca d'Italia'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 independent auditor verifies that the Fund's accounts are properly kept.
The Governing Board of Banca d'Italia 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 2024 are as follows:
- Assets € 175,247,242;
- Liabilities € 81,371,581;
- Endowment fund (excluding the result for the year) € 70,497,788;
- Net result for the year € 23,377,873;
- Endowment fund at 31 December 2024 € 93,875,661.
The positive net result for the year is largely attributable to:
- Realized gains € 133,527,587;
- Downward adjustment of the provisions for risks € 17,943,258;
- Write-downs of shareholdings € (103,564,513);
- Indemnities paid € (17,853,216).
