Lira-euro conversion: update as at 30 November 2017

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This is a summary of the lira-euro exchange operations from 22 January 2016 to 30 November 2017.

No. Operations Lira amount Euro amount
246 4,984,258,740 2,574,154.82

In compliance with Ruling 216/2015 of Italy’s Constitutional Court, which declared unlawful the bringing forward of the deadline for terminating the redemption of lira banknotes from 28 February 2012 to 6 December 2011 (Article 6 of Decree Law 201/2011, converted into Law 214/2011), on 22 January 2016, the Bank of Italy began lira-euro exchange operations at its branches.

Pursuant to the European Treaties, exchange operations can only be carried out by drawing on the funds the Bank of Italy had transferred to the State on 6 December 2011 – the equivalent value of all the lira currency still in circulation at the time. Therefore the exchange operations are being carried out by the Bank in accordance with the instructions issued by the Ministry of Economy and Finance on 21 January 2016.

Following the publication of the ruling of the Constitutional Court, numerous requests for clarification and reports arrived at the dedicated e-mail address (conversionelireeuro@bancaditalia.it), with some correspondence also being addressed to the Ministry of Economy and Finance. The Bank of Italy has replied following the instructions it was given.

In implementing the ruling of the Constitutional Court, the Ministry of Economy and Finance, in order to guarantee the certainty and transparency of exchange operations, explicitly requires applicants to prove that they applied to exchange a specified amount of lira currency between 6 December 2011 and 28 February 2012. Therefore, under current law, the Bank of Italy can make lira-euro exchanges if this requirement has been met.

The Bank will accept as proof a written request (on paper and signed or by certified or uncertified email) or a statement signed by a Bank staff member that the exchange operation was not performed by a Bank of Italy branch, dated no later than 28 February 2012.

The exchange can be made on the basis of alternative documentation, which will be considered on a case-by-case basis as long as such documentation is equally reliable.

If you are unable to prove that you presented a request to exchange your liras before the original time limit expired, it will not be possible to exchange them under the current legislation. A specific legislative measure would have to be introduced to do so. The Bank will continue to work with the Ministry of Economy and Finance to define the procedures for enforcing the ruling.

List of lira banknote types that can be converted

  • 500,000 “1997 series”
  • 100,000 “1983 series”
  • 100,000 “1994 series”
  • 50,000 “1992 series”
  • 10,000 “1984 series”
  • 5,000 “1985 series”
  • 2,000 “1990 series”
  • 1,000 “1990 series”

Branches of the Bank of Italy that provide State Treasury services

Agrigento, Ancona, Aosta, Bari, Bologna, Bolzano, Brescia, Cagliari, Campobasso, Catania, Catanzaro, Florence, Forlì, Genoa, L’Aquila, Lecce, Livorno, Milan, Naples, Palermo, Perugia, Pescara, Potenza, Reggio Calabria, Roma Succursale (Rome Branch), Salerno, Sassari, Turin, Trento, Trieste, Venice, Verona.