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Bank of Italy

23 March 2020

Our team in Italy provide an update of the measures the Bank of Italy have taken due to the COVID-19 pandemic.

1. Extension of terms for reporting, disclosure and compliance requirements

The Bank of Italy has granted a 60-day extension for, inter alia, (i) the ICAAP/ILAAP obligations for credit institutions and investment firms, (ii) recovery plans; (iii) the reports on the organisational structure for investment firms, asset management companies, payment institutions and electronic money institutions.
Moreover a 150-day extension has been granted in favour of banks for the filing with the Bank of Italy of the report on operational and security risks. 
Finally, the deadline for the reporting of the NPLs' reduction plans has been extended to 30 June 2020 

2. Ease of certain regulatory capital and liquidity requirements for smaller banks

Smaller banks and other non-banking intermediaries may temporarily operate below the target level of the capital conservation buffer and of the liquidity coverage ratio. Upon occurrence of these events, the Bank of Italy will assess and evaluate the realignment plans that shall be presented by those banks and other intermediaries. 

3. Other relevant elements 

Smaller banks and other non-banking intermediaries are invited to review their contingency plans to take into consideration the impacts of the COVID-19 epidemy. 

 

This article has been authored by Luca Lo Po', Claudio Saba and Matteo Pasculli.