Italy: Financial Sector Assessment Program-Technical Note-Systemic Risk Oversight Framework and Macroprudential Policy
IMF Staff Country Reports, August 4, 2020
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- Italy: Financial Sector Assessment Program-Technical Note-Systemic Risk Oversight Framework and Macroprudential Policy
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Bibliographic details
- Published: August 4, 2020
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513552194.002
Overview
- Macroprudential oversight in Italy combines local elements with the European framework.
- Financial stability is a shared responsibility among multiple domestic authorities, with the Banca d’Italia (BdI) playing a leading role in surveillance and coordination.
Institutional Roles and Responsibilities
- Domestic authorities:
- Banca d’Italia (BdI): national central bank and prudential authority for banks and other financial institutions; plays a leading role in surveillance and coordination.
- Commissione Nazionale per le Società e la Borsa (CONSOB): markets authority.
- Istituto per la Vigilanza Sulle Assicurazioni (IVASS): insurance supervisor.
- Commissione di Vigilanza sui Fondi Pensione (COVIP): pension funds supervisor.
- Each authority exercises responsibility within a combination of sectoral and activity boundaries.
Interaction with the European Framework
- BdI's dual roles:
- National competent authority.
- Designated authority for macroprudential tools under the Capital Requirements Regulation (CRR) and the Capital Requirements Directive IV (CRD IV).
- Implementation and activation of CRR/CRD IV macroprudential tools follow:
- Processes described in the CRR and CRD IV regulatory texts.
- Guidelines provided by the European Central Bank (ECB) within the competences assigned by the SSM Regulation.
- Guidance from the European Systemic Risk Board (ESRB).
- The BdI’s prominent role at both national and European levels helps ease challenges arising from the coexistence of the two frameworks.
Key Subjects and Keywords (as listed)
- Subjects: Banking, Financial institutions, Financial sector policy and analysis, Financial sector risk, Financial sector stability, Insurance companies, Macroprudential policy, Macroprudential policy instruments, Systemic risk
- Keywords: BdI decision, BdI power, BdI report, BdI staff, BdI's mandate, CR, Europe, Financial sector risk, Financial sector stability, Global, Insurance companies, ISCR, Macroprudential policy, Macroprudential policy instruments, risk dashboard of the BdI, sovereign-bank nexus, Systemic risk
Content in this bundle
- Executive Summary