Featured Product

    Bank of Italy Announces Regulatory Measures to Ease Impact of COVID

    June 10, 2020

    Bank of Italy has announced certain measures to address the impact of COVID-19 pandemic. The central bank announced some temporary measures regarding resolution to mitigate the impact of COVID-19 for less significant intermediaries. Bank of Italy has also adopted measures to support lending to small and medium-size enterprises and to facilitate the access of Italian banks to the liquidity offered by the Eurosystem.

    In May 2020, the Governing Council of ECB approved the first set of measures to extend Bank of Italy's scheme for additional bank loans (Additional Credit Claims, ACC). These measures entered into force on May 25, 2020 and will be applied until September 2021. In June 2020, Bank of Italy adopted further measures to extend the Additional Credit Claims scheme. In June 2020, the Governing Council of ECB approved a second series of measures to extend the Bank of Italy's scheme for additional bank loans (Additional Credit Claims, ACC). The measures are aimed at supporting the flow of credit to households and businesses and favoring the access of Italian banks to central bank liquidity. The aforementioned measures will enter into force on June 17, 2020 and will be applied until September 2021. 

    Additionally, as part of the actions taken in response to the pandemic, ECB and Bank of Italy have introduced extraordinary measures to expand the value of the assets that can be transferred to guarantee monetary policy operations, by easing the criteria of suitability and risk control. Bank of Italy has expanded the national scheme related to additional bank loans, allowing banks to allocate loans supported by the state guarantee pursuant to the Liquidity Decree. Bank of Italy, along with other Italian authorities, has also published a set of suggestions that public administrations can follow to reduce the risk of accepting invalid financial guarantees. Various suggestions have been provided, including how to ascertain whether the guarantee is issued by a legitimate subject, the methods for understanding whether the guarantee envisaged is false, and the compliance of the contractual conditions with the provisions of the legislation and/or the contract notice.

     

    Related Links (in Italian)

    Keywords: Europe, Italy, Banking, COVID-19, SME, Reporting, Loan Moratorium, Credit Risk, Loan Guarantee, ECB, Bank of Italy

    Featured Experts
    Related Articles
    News

    APRA Updates Validation and Derivation Rules in September 2020

    APRA updated the lists of the Direct to APRA (D2A) validation and derivation rules for authorized deposit-taking institutions, insurers, and superannuation entities.

    September 24, 2020 WebPage Regulatory News
    News

    EC Proposes Frameworks for Crypto-Assets and Operational Resilience

    EC adopted a package that includes the digital finance and retail payments strategies and the legislative proposals for regulatory frameworks on crypto-assets and digital operational resilience.

    September 24, 2020 WebPage Regulatory News
    News

    ECB Publishes Opinion on Proposals to Amend Securitization Framework

    ECB published an opinion (CON/2020/22) on proposals for regulations amending the securitization framework of EU, in response to the COVID-19 pandemic.

    September 24, 2020 WebPage Regulatory News
    News

    FCA Consults on Regulation of International Firms in UK

    FCA is consulting on its approach to the authorization and supervision of international firms operating in UK.

    September 23, 2020 WebPage Regulatory News
    News

    MAS Amends Notice on Capital Adequacy Requirements of Banks

    MAS published amendments to Notice 637 on the risk-based capital adequacy requirements for reporting banks incorporated in Singapore.

    September 23, 2020 WebPage Regulatory News
    News

    FCA to Begin to Move Firms to New Data Collection Platform RegData

    FCA announced that it will move firms to RegData from Gabriel in the coming months in stages, based on the reporting requirements of firms.

    September 23, 2020 WebPage Regulatory News
    News

    ISDA Expects IBOR Fallbacks to be Effective by End of January 2021

    ISDA issued a letter to regulators to flag that it now expects the supplement to the 2006 ISDA Definitions and the Interbank Offered Rate (IBOR) Fallbacks Protocol to be effective around mid- to late-January 2021.

    September 23, 2020 WebPage Regulatory News
    News

    APRA Reviews Repayment Deferral Plans, Identifies Best Practices

    APRA has concluded its review of the comprehensive plans of authorized deposit-taking institutions for the assessment and management of loans with repayment deferrals.

    September 22, 2020 WebPage Regulatory News
    News

    ESAs Assess Risks to Financial Sector After COVID-19 Outbreak

    ESAs (EBA, EIOPA, and ESMA) published the first joint report that assesses risks in the financial sector since the outbreak of the COVID-19 pandemic.

    September 22, 2020 WebPage Regulatory News
    News

    BoE Confirms Withdrawal of COVID Corporate Financing Facility

    BoE and HM Treasury confirmed that the COVID Corporate Financing Facility (CCFF) will close for new purchases of commercial paper, with effect from March 23, 2021.

    September 22, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5836