Italy Financial Sector Assessment Program-Technical Note-Systemic Risk Oversight Framework and Macroprudential Policy

Macroprudential oversight in Italy combines local elements with the European framework. At a local level, financial stability is a shared responsibility between Banca d’Italia (BdI), which is the national central bank and the prudential authority for banks and other financial institutions, the marke...

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Bibliographic Details
Corporate Author: International Monetary Fund Monetary and Capital Markets Department
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 2020
Series:IMF Staff Country Reports
Subjects:
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
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245 0 0 |a Italy  |b Financial Sector Assessment Program-Technical Note-Systemic Risk Oversight Framework and Macroprudential Policy 
260 |a Washington, D.C.  |b International Monetary Fund  |c 2020 
300 |a 39 pages 
651 4 |a Italy 
653 |a Economic policy 
653 |a Insurance companies 
653 |a Depository Institutions 
653 |a Institutional Investors 
653 |a Pension Funds 
653 |a Banks 
653 |a Finance 
653 |a Banks and banking 
653 |a Financial sector stability 
653 |a Industries: Financial Services 
653 |a Financial sector policy and analysis 
653 |a Financial institutions 
653 |a Financial Instruments 
653 |a General Financial Markets: Government Policy and Regulation 
653 |a Micro Finance Institutions 
653 |a Mortgages 
653 |a Non-bank Financial Institutions 
653 |a Systemic risk 
653 |a Financial risk management 
653 |a Banks and Banking 
653 |a Financial sector risk 
653 |a Financial Markets and the Macroeconomy 
653 |a Financial services industry 
653 |a Macroeconomics 
653 |a Banking 
653 |a Macroprudential policy 
653 |a Finance: General 
653 |a Macroprudential policy instruments 
710 2 |a International Monetary Fund  |b Monetary and Capital Markets Department 
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520 |a Macroprudential oversight in Italy combines local elements with the European framework. At a local level, financial stability is a shared responsibility between Banca d’Italia (BdI), which is the national central bank and the prudential authority for banks and other financial institutions, the markets authority, Commissione Nazionale per le Società e la Borsa (CONSOB), the insurance supervisor, Istituto per la Vigilanza Sulle Assicurazioni (IVASS), and the pension funds supervisor, Commissione di Vigilanza sui Fondi Pensione (COVIP).2 Each authority exercises its responsibility within a combination of sectoral and activity boundaries and the BdI plays a leading role in surveillance and coordination. Within the European framework, the BdI is both the national competent authority and the designated authority for the macroprudential tools considered under the Capital Requirements Regulation (CRR) and the Capital Requirements Directive IV (CRD IV), which are implemented and activated following the processes described in these regulatory texts and the guidelines provided by the European Central Bank (ECB) – within the competences assigned to it by the SSM Regulation - and the European Systemic Risk Board (ESRB). The ubiquitous role of the BdI on both fronts eases the challenges posed by the coexistence of these two frameworks