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            Italy - Bank of Italy's resolutions extending terms for reporting requirements and easing compliance with capital conversation buffer and liquidity coverage ratio

            With resolution dated 20 March 2020, the Bank of Italy has introduced a package of extraordinary measures to help credit institutions and other regulated financial intermediaries to tackle the COVID-19 emergency.

            Date: 23/03/2020

            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.

            Related people

            Luca Lo Pò

            • Partner // Head of Financial Services and Capital Markets (Italy)

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