Bank of Italy


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Bank of Italy

 

(Banca d’Italia), central bank of issue of Italy, controlled by the state. Founded in 1893. Until 1926 it issued bank notes jointly with the Bank of Naples and the Bank of Sicily, and since 1926 it has had a monopoly right to issue bank notes. Since 1936 it has been the bankers’ bank; that is, it provides credit only for banks and state financial institutions. The Interministry Committee on Credits and Savings, which was created under the bank, controls the activity of the country’s commercial banks, which since 1947 have been obligated to keep their reserves in the form of deposits or state securities in the Bank of Italy. On these deposits the bank can issue treasury notes. Currency control is exercised by the Italian Currency Bureau in conjunction with the Bank of Italy. The bank has (1969) 14 offices and 80 branches. At the beginning of 1969 the joint stock totaled 300 million lire. The total balance was 8,903 billion lire; the issue of bank notes, 5,390 billion lire; and deposits of credit institutions, 2,424 billion lire. At the beginning of 1969 gold reserves amounted to 1,827 billion lire, and foreign holdings, including holdings of the Currency Bureau, totaled 1,512 billion lire.

References in periodicals archive ?
Italy's central bank, Bank of Italy, has announced plans to support firms that make initiatives to fight climate change.
They submitted their authorisation requests to the Bank of Italy in April 2018.
The transaction is subject to regulatory approval by the Bank of Italy.
The Bank of Italy said that the Italian operations of Latvian bank AS PrivatBank will be shut down due to money-laundering offences.
This spring, the Bank of Italy approved two non-EU investors' acquisition of shareholdings in Monte dei Paschi di Siena, the oldest Italian bank.
The Dubai Financial Services Authority (DFSA) entered into two agreements, last week, with the Commissione Nazionale per le Societa e la Borsa (Italian Securities and Exchange Commission) or CONSOB and Bank d'Italia (Bank of Italy), in Rome.
Dubai Financial Services Authority (DFSA) said it has entered into two important agreements with the Italian Securities and Exchange Commission (Consob) and Bank of Italy, in Rome.
The Dubai Financial Services Authority (DFSA) entered into two important agreements, last week, with the Commissione Nazionale per le Societa e la Borsa (Italian Securities and Exchange Commission or Consob) and Bank d'Italia (Bank of Italy), in Rome.
The eurozone's third-largest economy owed 2.0751 trillion euros (2.76 trillion dollars) as of June, up from 2.0746 trillion euros in May, the Bank of Italy said in a monthly bulletin.
Turmoil at Italy's third-largest bank has rocked the financial establishment and raised difficult questions in the middle of an election campaign for the government and the Bank of Italy over how risky deals could have been hidden from regulators.
Representatives from Italy's Finance Ministry, as well as the central Bank of Italy and the Commissione Nazionale per le Societa e la Borsa (Consob), the country's (http://www.ibtimes.co.uk/articles/428515/20130128/monte-dei-paschi-scanda-italy-derivatives-mario.htm#) financial market regulator, will meet Tuesday in Rome, Reuters news agency reported citing unnamed sources, after revelations that the bank allegedly hid millions of euros in losses just weeks before a a[logical not]3.9bn ($5.25 billion) bailout by the government.
The Bank of Italy said it now expects gross domestic product (GDP) to fall by 1.0 percent this year rather than the 0.2 percent contraction it forecast in July.