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Financial Stability Report Number 5 April 2013
Other economic publications of the Bank of Italy: Annual Report Account of the main developments in the Italian and world economy during the year Economic Bulletin A quarterly report on developments in the Italian and world economy Economic developments in the Italian regions A series of reports on the regional economies Working Papers (Temi di discussione) A series of empirical and theoretical papers Occasional Papers (Questioni di economia e nanza) Miscellaneous studies of issues of special relevance to the Bank of Italy New research at the Bank of Italy A newsletter on recent research work and conferences Economic History Working Papers (Quaderni di Storia Economica) A series of papers on Italian economic history ese publications are available online at www.bancaditalia.it and in hard copy from the Bank of Italy’s library (Biblioteca, Via Nazionale 91, 00184 Rome, Italy) and at the branches of the Bank. © Banca d’Italia, 2013 For the hard copy version: registration with the Court of Rome No. 209, 13 May 2010 For the electronic version: registration with the Court of Rome No. 212, 13 May 2010 Director Paolo Angelini Editorial committee Paolo Angelini, Giorgio Albareto, Martina Bignami, Pietro Catte, Alessio De Vincenzo, Antonella Foglia, Andrea Generale, Giorgio Gobbi, Giuseppe Grande, Aviram Levy, Gaetano Marseglia, Sergio Nicoletti Altimari, Silvia Vori Contributors Massimiliano Affinito, Luca Arciero, Laura Bartiloro, Paolo Bernardini, Marco Bevilacqua, Marcello Bofondi, Pierluigi Bologna, Marianna Caccavaio, Francesco Cannata, Giuseppe Cappelletti, Francesco Caprioli, Luisa Carpinelli, Valerio Caruso, Simone Casellina, Laura Cerami, Daniele Ciani, Alberto Coco, Fabio Coluzzi, Alessandro Conciarelli, Wanda Cornacchia, Vincenzo Cuciniello, Riccardo De Bonis, Giuseppe Della Corte, Antonio De Socio, Pierluigi Dialuce, Giovanni di Iasio, Davide Dottori, Paolo Finaldi Russo, Cristina Floccari, Piero Franchini, Paolo Garofalo, Silvia Gnecchi, Giovanni Guazzarotti, Igino Guida, Silvia Magri, Katia Mastrodomenico, Giancarlo Mazzoni, Arianna Miglietta, Valentina Nigro, Stefano Nobili, Alberto Panicucci, Nicola Pellegrini, Giovanni Pepe, Federico Pierobon, Mario Pietrunti, Anna Rendina, Marco Rocco, Rosario Romeo, Tiziana Rosolin, Giovanni Sala, Giovanni Santini, Laura Santuz, Marco Savegnago, Luca Serani, Federico Maria Signoretti, Emilio Vadalà, Francesco Zollino Carla Desideri, Roberto Novelli and Fausto Parente (IVASS) contributed to Chapter 3.6. Valentina Memoli and Rosanna Visca (editorial assistants for the Italian version) Giuseppe Casubolo and Roberto Marano (charts and figures) The English edition has been translated from the Italian by the Secretariat to the Governing Board. Address Via Nazionale 91, 00184 Rome - Italy Telephone +39 0647921 Website http://www.bancaditalia.it All rights reserved. Reproduction for scholarly and non-commercial use permitted, on condition that the source is cited. ISSN 2280-7616 (stampa) ISSN 2280-7624 (online) Based on data available on 22 April 2013 unless otherwise indicated. Printed by the Printing and Publishing Division of the Bank of Italy, Rome, April 2013.
Page 1: April 2013 Financial Stability Repo
Page 5 and 6: BOXES Local authorities’ derivati
Page 7 and 8: 6 e ow of new bad debts on business
Page 9 and 10: 8 … although the measures adopted
Page 11 and 12: 10 Financial sustainability indicat
Page 13 and 14: 12 8 7 6 5 4 3 2 1 Serious problems
Page 15 and 16: 14 signicantly, including for extra
Page 17 and 18: 16 Loan-to-value ratios for residen
Page 19 and 20: 18 factor was the fall in the avera
Page 21 and 22: 20 than in the larger size classes
Page 23 and 24: 22 3 3.1 THE MARKET’S ASSESSMENT
Page 25 and 26: 24 with stronger capital ratios and
Page 27 and 28: 26 action undertaken by the Bank of
Page 29 and 30: 28 14 12 10 8 6 4 2 0 Effect of col
Page 31 and 32: 30 Exposure to the countries of Cen
Page 33 and 34: 32 beginning of 2013 came to a halt
Page 35 and 36: 34 3.5 BANKS’ CAPITAL AND PROFITA
Page 37 and 38: 36 the coming months; the work on t
Page 39 and 40: 38 and non-performing loans and imp
Page 41 and 42: 40 securities) and 3.1 per cent in
Page 43 and 44: 42 4 MARKETS, EUROSYSTEM REFINANCIN
Page 45 and 46: 44 Interest rate spreads return to
Page 47 and 48: 46 of corrective measures, after th
Page 49 and 50: 48 THE NEW EUROPEAN REGULATION ON S

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