(Only in Italian)

Bank of Italy has published the Notes on Financial Stability and Supervision No. 36 “Strengthening releasable macroprudential buffers in European Economic Area countries”

Bank of Italy has launched a public consultation on a proposal to activate a systemic risk buffer (SyRB) of 1.0 per cent of domestic exposures weighted for credit and counterparty credit risks; the buffer requirement would apply to all Italian banks and banking groups

The buffer rate target would be reached gradually: 0.5 per cent would need to be set aside by 31 December 2024, and the remaining 0.5 per cent by 30 June 2025.

The activation of the SyRB (a capital buffer envisaged by the European legislation and immediately releasable by macroprudential authorities when deemed necessary) is aimed at further increasing the resilience of the Italian banking system to shocks, including those originating outside of the financial system, and at enhancing the capacity of banks to absorb possible losses and continue to finance Italian firms and households. Analyses by the Bank of Italy show that the costs of introducing the buffer would be extremely low in the current macroeconomic environment, and that in any case they would be largely offset by the benefits associated with the release of the buffer by the macroprudential authority in case of shocks.

(Only in Italian)

With Press Release of 8 March 2024, IVASS has published the survey on actual prices for motor liability insurance

EBA has launched a consultation on the Guidelines for the plans to orderly redeem asset-referenced or e-money tokens in the event that the issuer fails to fulfil its obligations under the Markets in Crypto assets Regulation (MiCAR)

The Guidelines are addressed to issuers of asset-referenced tokens (ART) and of e-money tokens (EMT), and to competent authorities under MiCAR.

In particular, the draft Guidelines:

  • clarify the main principles governing the redemption plan, such as the equitable treatment of token holders, and describe the main steps for the orderly and timely implementation of the plan, including the communication plan, the content of the redemption claims and the distribution plan;
  • cover the case of pooled issuance, where the same token is issued by multiple issuers; and
  • outline the triggers for the activation of the plan by the competent authority and the cooperation with the prudential and resolution authorities.

The consultation will end on 10 June 2024.