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    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

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