Financial Stability Report - Financial Risk and Stability Network

The share of Italian
government securities
held by non-residents
rises slightly
Since the spring of 2012 there has been a recovery in net purchases of Italian
government securities by non-resident investors (Figures 1.3.c and 4.8.a).
TARGET2 balances in the last few months conrm the trend. e proportion of
Italian government securities held by non-residents rose to about 29 per cent in
September 2012 (Figure 4.8.b), one of the lowest shares registered internationally
(see the box “Non-residents’ demand for Italian government securities,” Financial Stability Report No.
4, November 2012).
Italian government securities: net purchases by non-residents and distribution by holder
(a) Net purchases by non-residents
and change in TARGET2 balance
(monthly data; billions of euros)
20 -40
10
0
-10
-20
-30
-40
2011 2012 2013
Total flow of securities (1) Change in TARGET2 liabilities
(right-hand scale, values inverted)
-20
0
20
40
60
80
(b) Distribution by holder (3)
(data at end-September 2012; per cent)
Figure 4.8
BANCA D’ITALIA Financial Stability Report No. 5, April 2013 49
11.0
2.9
11.3
7.4
5.5
20.5 5.8
6.6
29.0
Eurosystem excluding Bank of Italy ()
Foreign investment funds and individually managed portfolios attributable to
Italian investors (5)
Foreign holders ()
Bank of Italy
Italian banks
Italian investment funds
Italian insurance companies
Italian households
Other Italian holders ()
(1) Balance-of-payments data. – (2) Bank of Italy’s TARGET2 balance with ECB at end of month; data as of 26 April 2013. – (3) Financial
accounts data. Shares calculated at market prices net of securities held by Italian general government entities. The shares of non-resident holders
are shown separately from those of Italian residents. – (4) Estimate, based on market sources, of Italian government securities held by the
Eurosystem (net of those of the Bank of Italy) in the framework of the Securities Markets Programme. – (5) Individually managed portfolios and
investment funds managed by foreign institutions but attributable to Italian investors. Partially estimated data. – (6) Net of securities held by foreign
individually managed portfolios and investment funds but attributable to Italian investors and net of the Eurosystem (excluding the Bank of Italy). –
(7) Non-nancial corporations, pension funds, and other types of investor.