The Bank of Italy, known in Italian as [La] Banca d'Italia (pronounced [ˈbaŋka diˈtaːlja]), also known as Bankitalia, is the central bank of Italy and part of the European System of Central Banks. It is located in Palazzo Koch, via Nazionale, Rome. The bank's current governor is Ignazio Visco, who took the office on 1 November 2011.
|Bank of Italy|
|Headquarters||Palazzo Koch, Rome, Italy|
|Central bank of||Italy|
|Succeeded by||European Central Bank (1999)1|
|1 The Bank of Italy still exists but many functions have been taken over by the ECB.|
After the charge of monetary and exchange rate policies was shifted in 1998 to the European Central Bank, within the European institutional framework, the bank implements the decisions, issues euro banknotes and withdraws and destroys worn pieces.
The main function has thus become banking and financial supervision. The objective is to ensure the stability and efficiency of the system and compliance to rules and regulations; the bank pursues it through secondary legislation, controls and cooperation with governmental authorities.
Following reform in 2005, which was prompted by takeover scandals, the bank has lost exclusive antitrust authority in the credit sector, which is now shared with the Italian Competition Authority (Italian: Autorità Garante della Concorrenza e del Mercato).
Other functions include, market supervision, oversight of the payment system and provision of settlement services, State treasury service, Central Credit Register, economic analysis and institutional consultancy.
The institution was established in 1893 from the combination of three major banks in Italy (after the Banca Romana scandal). The new central bank first issued bank-notes during 1926. Until 1928, it was directed by a general manager, after this time instead by a governor elected by an internal commission of managers, with a decree from the President of the Italian Republic, for a term of seven years.
The bank's governing bodies are the General Meeting of Shareholders, the board of directors, the governor, the director general and three deputy directors general; the last five constitute the directorate.
The general meeting takes place yearly and with the purpose of approving accounts and appointing the auditors. The board of directors has administrative powers and is chaired by the governor (or by the director general in his absence). Following reform in 2005, the governor lost exclusive responsibility regarding decisions of external relevance (i.e. banking and financial supervision), which has been transferred to the directorate (by majority vote). The director general is responsible for the day-to-day administration of the bank, and acts as governor when absent.
The board of auditors assesses the bank's administration and compliance with the law, regulations and the statute.
The directorate's term of office lasts six years and is renewable once. The appointment of the governor is the responsibility of the government, head of the board of directors, with the approval of the president (formally a decree of the president). The board of directors is elected by the shareholders according to the bank statute.
Banca d'Italia had 300,000 shares with a nominal value of €25,000. Originally scattered around the banks of whole Italy, the shares now accumulated due to the merger of the banks since 1990s. The status of the bank states that a minimum of 54% of profits would go to the Italian government, and only a maximum of 6% of profits would distributed as dividends according to shares ratio.
|Number of shares||Percentage||Voting rights||Percentage|
|— Cassa di Risparmio in Bologna (subsidiary)||18,602||6.20%|
|— Cassa di Risparmio di Firenze (subsidiary)||5,656||1.89%|
|— Cassa di Risparmio del Veneto (subsidiary)||3,610||1.20%|
|— Cassa di Risparmio del Friuli Venezia Giulia (subsidiary)||1,869||0.62%|
|— Cassa di Risparmio di Pistoia e della Lucchesia (subsidiary)||1,126||0.38%|
|— Casse di Risparmio dell'Umbria (subsidiary)||1,106||0.37%|
|— Banca dell'Adriatico (subsidiary)||653||0.22%|
|— Cassa dei Risparmi di Forlì e della Romagna (subsidiary)||605||0.20%|
|Italian Ministry of Labour and Social Policy||0||0.00%||0||0.00%|
|— Cassa Forense||9,000||3.00%|
|— Fondazione ENPAM||9,000||3.00%|
|— Fondazione ENPAIA||3,000||1.00%|
|Cassa di Risparmio di Genova e Imperia||12,093||4.03%|
|— Banca del Monte di Lucca (subsidiary)||2||0.00%|
|Cassa di Risparmio di Asti||2,800||0.93%|
|— Cassa di Risparmio di Biella e Vercelli (subsidiary)||6,300||2.10%|
|— Banca Nazionale del Lavoro (subsidiary)||8,500||2.83%|
|Banca Monte dei Paschi di Siena||7,500||2.50%|
|— Cassa di Risparmio di Parma e Piacenza (subsidiary)||6,094||2.03%|
|— Cassa di Risparmio della Spezia (subsidiary)||266||0.09%|
|Nuova Banca delle Marche||2,459||0.82%|
|— Cassa di Risparmio di Loreto (subsidiary)||100||0.03%|
|Unione di Banche Italiane||0||0.00%||0||0.00%|
|— Banca Regionale Europea (subsidiary)||759||0.25%|
|— Banca Carime (subsidiary)||500||0.17%|
|Nuova Cassa di Risparmio di Ferrara||949||0.32%|
|Banca Popolare di Milano||873||0.29%|
|Cassa di Risparmio di Ravenna||769||0.26%|
|Banca Popolare dell'Emilia Romagna||759||0.25%|
|Cassa di Risparmio di Fossano||750||0.25%|
|Banca Popolare di Vicenza||687||0.23%|
|Cassa di Risparmio di Cesena||675||0.23%|
|Cassa di Risparmio di San Miniato||652||0.22%|
|Fondazione Cassa di Risparmio di Carpi||600||0.20%|
|Reale Mutua di Assicurazioni||500||0.17%|
|Fondazione Cassa di Risparmio di Perugia||400||0.13%|
|Cassa di Risparmio di Rimini||393||0.13%|
|Südtiroler Sparkasse – Cassa di Risparmio di Bolzano||377||0.13%|
|Banca Popolare di Bari||0||0.00%||0||0.00%|
|— Cassa di Risparmio di Orvieto (subsidiary)||237||0.08%|
|— Cassa di Risparmio della Provincia di Teramo (subsidiary)||115||0.04%|
|— Cassa di Risparmio di Pescara e di Loreto Aprutino (subsidiary)||8||0.00%|
|Cassa di Risparmio di Cento||311||0.10%|
|Banca Cassa di Risparmio di Savigliano||200||0.07%|
|Banca del Piemonte||200||0.07%|
|Cassa di Risparmio di Volterra||194||0.06%|
|Nuova Cassa di Risparmio di Chieti||151||0.05%|
|Cassa di Risparmio di Fermo||130||0.04%|
|Banca Sella Holding||120||0.04%|
|Cassa di Risparmio della Repubblica di San Marino||36||0.01%|
|Cassa di Risparmio di Saluzzo||4||0.00%|
Amadeo Pietro Giannini (Italian pronunciation: [amaˈdɛːo ˈpjɛːtro dʒanˈniːni]), also known as Amadeo Peter Giannini or A.P. Giannini (May 6, 1870 – June 3, 1949) was an American banker who founded the Bank of Italy, which became Bank of America. Giannini is credited as the inventor of many modern banking practices. Most notably, Giannini was one of the first bankers to offer banking services to middle-class Americans, rather than only the upper class. He also pioneered the holding company structure and established one of the first modern trans-national institutions.Banca Intesa
Banca Intesa S.p.A. was an Italian banking group. It was formed in 1998. In the next year the banking group merged with another bank Banca Commerciale Italiana to became IntesaBCi. However, the name of the group was reverted to Banca Intesa in 2003. In 2007 Banca Intesa merged with another banking group Sanpaolo IMI to become Intesa Sanpaolo, one of few domestic systemically important bank of Italy.Banca Monte dei Paschi di Siena
Banca Monte dei Paschi di Siena S.p.A. (Italian pronunciation: [ˈbaŋka ˈmonte dei ˈpaski di ˈsjɛːna]), known as BMPS or just MPS, is an Italian bank. Tracing its history to a mount of piety founded in 1472 (546 years ago) and founded in its present form in 1624 (394 years ago), it is the world's oldest or second oldest bank, depending on the definition, and the fourth largest Italian commercial and retail bank.In 1995 the bank, then known as Monte dei Paschi di Siena, was transformed from a statutory corporation to a limited company called Banca Monte dei Paschi di Siena (Banca MPS). The Fondazione Monte dei Paschi di Siena was created to continue the charitable functions of the bank and to be, until the bailout in 2013, its largest single shareholder. Today Banca MPS has approximately 2,000 branches, 26,000 employees and 5.1 million customers in Italy, as well as branches and businesses abroad. A subsidiary, MPS Capital Services, handles corporate and investment banking.According to a research by Mediobanca and a press release by Banco BPM, Banco BPM overtook BMPS as the third largest commercial bank in terms of total assets on 31 December 2016, after Banco BPM formal formation on 1 January 2017. In 2016–17, BMPS was struggling to avoid a collapse, and was bailed out again by the Italian government in July 2017.
On 5 October, Monte dei Paschi di Siena announced the sale of its Belgian subsidiary, Banca Monte Paschi Belgio (BMPB) to a company participated by funds managed by Warburg Pincus. The sale price was set at €42 million, subject to an adjustment mechanism.Bank of America
The Bank of America Corporation (abbreviated as BofA) is an American multinational investment bank and financial services company based in Charlotte, North Carolina with central hubs in New York City, London, Hong Kong, Minneapolis, and Toronto. Bank of America was formed through NationsBank's acquisition of BankAmerica in 1998. It is the second largest banking institution in the United States, after JP Morgan Chase. As a part of the Big Four, it services approximately 10.73% of all American bank deposits, in direct competition with Citigroup, Wells Fargo, and JPMorgan Chase. Its primary financial services revolve around commercial banking, wealth management, and investment banking.
Founded as the Bank of Italy by Amadeo Pietro Giannini in 1904, it provided Italian immigrants who faced service discrimination various banking options. Originally headquartered in San Francisco, California, Giannini renamed his bank Banca d'America e d'Italia (Bank of America and Italy) in 1922, and expanded further into California. The passage of landmark federal banking legislation facilitated rapid growth in the 1950s, quickly establishing a prominent market share. After suffering a significant loss after the 1998 Russian bond default, BankAmerica, as it was then known, was acquired by the Charlotte-based NationsBank for US$62 billion. Following what was then the largest bank acquisition in history, the Bank of America Corporation was founded. Through a series of mergers and acquisitions, it built upon its commercial banking business by establishing Merrill Lynch for wealth management and Bank of America Merrill Lynch for investment banking in 2008 and 2009, respectively. Since both divisions carry the "Merrill Lynch" signage, the former is often referred to as "Merrill Lynch Wealth Management" to differentiate itself from the latter.Both Bank of America Merrill Lynch and Merrill Lynch Wealth Management retain large market shares in their respective offerings. The investment bank is considered within the "Bulge Bracket" as the third largest investment bank in the world, as of 2018. Its wealth management side manages US$1.081 trillion in assets under management (AUM) as the second largest wealth manager in the world, after UBS. In commercial banking, Bank of America operates—but does not necessarily maintain retail branches–in all 50 states of the United States, the District of Columbia and more than 40 other countries. Its commercial banking footprint encapsulates 46 million consumer and small business relationships at 4,600 banking centers and 15,900 automated teller machines (ATMs).
The bank's large market share, business activities, and economic impact has led to numerous lawsuits and investigations regarding both mortgages and financial disclosures dating back to the 2008 financial crisis. Its corporate practices of servicing the middle class and wider banking community has yielded a substantial market share since the early 20th century. As of August 2018, Bank of America has a $313.5 billion market capitalization, making it the 13th largest company in the world. As the sixth largest American public company, it garnered $102.98 billion in sales as of June 2018. Bank of America was ranked #24 on the 2018 Fortune 500 rankings of the largest United States corporations by total revenue. Bank of America was named the "World's Best Bank" by the Euromoney Institutional Investor in their 2018 Awards for Excellence.Bank of America, Los Angeles
The Bank of America, Los Angeles was established in 1923 by Orra E. Monnette, emerging from a series of mergers between Los Angeles-based banks between 1909 and 1923. The formation of BoA L.A. predates the creation of the Bank of America, merging with the Bank of Italy (USA) in 1928-29 to form the Bank of America.The foundation was the Los Angeles based American National Bank of Los Angeles (ANB) which Monnette purchased controlling interest using profits from his father's silver mine in Tonopah, Nevada. In 1909, ANB was merged into Citizens Trust and Savings Bank; in 1911, Monnette purchased the Broadway Bank and Trust Company, which when merged with the family’s other holdings formed the Citizens Bank and Trust Company in 1911.In 1923, Citizens Bank and Trust Company was renamed Bank of America, Los Angeles. Monnette’s intention was to build capital for national expansion; however in 1928 Monnette was approached by Amadeo Giannini, founder of the Bank of Italy (San Francisco, California), who was interested in pursuing a merger with BoA. Both men were concerned about the state of the American economy.One thing that the Bank of America, Los Angeles had that made it an attractive merge partner was its advanced bank branch system that employed centralized accounting and cash distribution system. BoA LA had its own secured fleet of armoured cars to transport branch cash supplies, keeping its branches stock with controlled amounts while other banks kept larger amounts on site, and thus away from investment purposes. With Monnette wishing to ease into retirement, and with no real heir apparent, BoA LA welcomed the combination of the two concerns under the name Bank of America. (Monnette would use this same design to help the Los Angeles Public Library - the Board of which he chaired - create a modern, full service branch library system that is still in use today.)The resulting Bank of America emerged prior to the stock market crash of 1929.Bank of Italy (United States)
The Bank of Italy was founded in San Francisco, California, United States, on October 17, 1904
by Amadeo P. Giannini. It grew by a branch banking strategy to become Bank of America, the world's largest commercial bank, with 493 branches in California and assets of $5 billion in 1945.The bank was established to serve working class citizens of the area, especially Italian Americans living in San Francisco's North Beach neighborhood. The bank survived the San Francisco earthquake and fire of 1906 and was one of the first to offer loans to businesses to help rebuild the city.
The Bank of Italy building—which later became a National Historic Landmark—was opened in 1908. Giannini had his office space in an open area on the first floor. In 1909, the bank began opening branches in other cities, beginning with San Jose. It had 24 branches by 1918, at which time it was the first statewide branch banking system.
The Bank of Italy merged with the smaller Bank of America, Los Angeles in 1928. In 1930, Giannini changed the name "Bank of Italy" to "Bank of America". As chairman of the new, larger Bank of America, Giannini expanded the bank throughout his tenure, which continued until his death in 1949.
Amadeo Giannini and the Bank of Italy were the basis for the classic 1932 Frank Capra movie American Madness, which was an original screenplay titled Faith by Robert Riskin.
Bank of America merged with NationsBank of Charlotte, North Carolina, in 1998. While NationsBank was the nominal survivor, the merged bank took the Bank of America name and operates under the original charter for Bank of Italy.Bank of Italy Building (San Francisco)
The Bank of Italy Building, also known as the Clay-Montgomery Building, is a building in San Francisco, California. This eight-story building became the headquarters of A. P. Giannini's Bank of Italy (precursor to the Bank of America) in 1908 after the 1906 San Francisco earthquake and fire destroyed the original bank building on Montgomery Avenue (now Columbus Avenue) in nearby neighborhood of North Beach. The building was designated a National Historic Landmark in 1978 for its association with Giannini, who revolutionized retail banking in the early 20th century.Bank of Italy Building (San Jose, California)
The Bank of Italy Building is a 14-story, 77.72 m (255.0 ft) Renaissance Revival high-rise built in 1925 in downtown San Jose, California. This building became the second home to the first branch of the Bank of Italy, founded in San Francisco in 1904, which later became the Bank of America. The first location of the Bank of Italy in San Jose, was on the corner of Santa Clara St. and Lightson Alley, near the intersection with Market Street. Restaurants and other businesses occupy the original building, which has been heavily remodeled. A reconstruction of the original building is at History Park in San Jose.Carlo Azeglio Ciampi
Carlo Azeglio Ciampi (Italian pronunciation: [ˈkarlo adˈdzeʎʎo ˈtʃampi] (listen); 9 December 1920 – 16 September 2016) was an Italian politician and banker. He was the 49th Prime Minister of Italy from 1993 to 1994 and was the tenth President of the Italian Republic from 1999 to 2006.Fabrizio Saccomanni
Fabrizio Saccomanni (born 22 November 1942) is an Italian economist, civil servant and the former deputy governor of the Bank of Italy. He served as Italy's minister of economy and finances between April 2013 and February 2014.History Park at Kelley Park
History Park at Kelley Park in San Jose, California, USA is designed as an indoor/outdoor museum, arranged to appear as a small US town might have in the early 1900s (decade). Since its inauguration in 1971, 32 historic buildings and other landmarks have either been moved from their original San Jose locations or are represented by replicas.How We Robbed the Bank of Italy
How We Robbed the Bank of Italy (Italian: Come svaligiammo la Banca d'Italia) is a 1966 Italian crime-comedy film directed by Lucio Fulci.Ignazio Visco
Ignazio Visco OMRI (Italian pronunciation: [iɲˈɲattsjo ˈvisko]; born 21 November 1949) is an Italian economist and the current Governor of the Bank of Italy.Italian lira
The lira (Italian: [ˈliːra]; plural lire [ˈliːre]) was the currency of Italy between 1861 and 2002 and of the Albanian Kingdom between 1941 and 1943. Between 1999 and 2002, the Italian lira was officially a national subunit of the euro. However, cash payments could be made in lira only, as euro coins or notes were not yet available. The lira was also the currency of the Napoleonic Kingdom of Italy between 1807 and 1814.
The term originates from the value of a pound weight (Latin: libra) of high purity silver and as such is a direct cognate of the British pound sterling; in some countries, such as Cyprus and Malta, the words lira and pound were used as equivalents, before the euro was adopted in 2008 in the two countries. "L", sometimes in a double-crossed script form ("₤"), was the symbol most often used. Until the Second World War, it was subdivided into 100 centesimi (singular: centesimo), which translates to "hundredths" or "cents".
The lira was established at 4.5 grams of silver or 290.322 milligrams of gold. This was a direct continuation of the Sardinian lira. Other currencies replaced by the Italian lira included the Lombardy-Venetia pound, the Two Sicilies piastra, the Tuscan fiorino, the Papal States scudo and the Parman lira. In 1865, Italy formed part of the Latin Monetary Union in which the lira was set as equal to, among others, the French, Belgian and Swiss francs: in fact, in various Gallo-Italic languages in north-western Italy, the lira was outright called "franc". This practice has obviously ended with the introduction of the euro in 2002.
World War I broke the Latin Monetary Union and resulted in prices rising severalfold in Italy. Inflation was curbed somewhat by Mussolini, who, on August 18, 1926, declared that the exchange rate between lira and pound would be £1 = 90 lire—the so-called Quota 90, although the free exchange rate had been closer to 140–150 lire per pound, causing a temporary deflation and widespread problems in the real economy. In 1927, the lira was pegged to the U.S. dollar at a rate of 1 dollar = 19 lire. This rate lasted until 1934, with a separate "tourist" rate of US$1 = 24.89 lire being established in 1936. In 1939, the "official" rate was 19.8 lire.
After the Allied invasion of Italy, an exchange rate was set at US$1 = 120 lire (1 British pound = 480 lire) in June 1943, reduced to 100 lire the following month. In German occupied areas, the exchange rate was set at 1 Reichsmark = 10 lire. After the war, the value of the lira fluctuated, before Italy set a peg of US$1 = 575 lire within the Bretton Woods System in November 1947. Following the devaluation of the pound, Italy devalued to US$1 = 625 lire on 21 September 1949. This rate was maintained until the end of the Bretton Woods System in the early 1970s. Several episodes of high inflation followed until the lira was replaced by the euro.
The lira was the official unit of currency in Italy until January 1, 1999, when it was replaced by the euro (euro coins and notes were not introduced until 2002). Old lira denominated currency ceased to be legal tender on February 28, 2002. The conversion rate is 1,936.27 lire to the euro.All lira banknotes in use immediately before the introduction of the euro, and all post-World War II coins, were exchanged by the Bank of Italy up to 6 December 2011. Originally, Italy's central bank pledged to redeem Italian coins and banknotes until 29 February 2012, but this was brought forward to 6 December 2011.List of banks in Italy
Italy had 11 banking group (excluding banking group that owned by foreign banks) that were supervised by the European Central Bank directly. According Mediobanca, there are more than 350 banking groups or independent banks as of 2017. However, ECB considered ICCREA Banca, the clearing house of Italian cooperative banks federation as one banking group, which the publication of Mediobanca considered the cooperative banks are individual entities, such as Banca di Credito Cooperativo di Roma was ranked 22th in the publication, while ICCREA Banca and Bank of Italy were excluded from the publication.Mario Draghi
Mario Draghi (Italian pronunciation: [ˈmaːrjo ˈdraːɡi]; born 3 September 1947) is an Italian economist serving as the President of the European Central Bank since 2011. He previously served as the Chairman of the Financial Stability Board from 2009 to 2011 and Governor of the Bank of Italy from 2005 to 2011.
Draghi previously worked at Goldman Sachs from 2002 until 2005. In 2014, Draghi was listed as the 8th most powerful person in the world by Forbes. In 2015, Fortune magazine ranked him as the world's second greatest leader. His term is scheduled to end on 31 October 2019.Niles Pease
Niles Pease (1838–1921) was a Los Angeles, California, businessman who was president of the Merchants' and Manufacturers' Association in 1903–05 and of the City Council in 1907–10.Pease was born in Enfield, Kentucky, in 1838, where he was engaged in the furniture business for twenty years. He came to Los Angeles in 1884 and for the next two decades was the head of the Pease Furniture Co. At the time of his death on September 21, 1921, he was president of the Niles Investment Company, vice president of the International Indemnity Co. and a director of the Fidelity Savings and Loan Association and of the Bank of Italy. The Pease building at 7th and Hill streets was later bought by Bullock's Department Store for expansion.He was a Unitarian, a Knight Templar and a Shriner.Pease was survived by his wife and four daughters, Grace G. Pease, Jessie F. Pease, Anne Pease, Florence Jones, and two sons, Sherman and Herman Pease.Outline of Italy
The following outline is provided as an overview of and topical guide to Italy:
Italy – unitary parliamentary republic in South-Central Europe, located primarily upon the Italian Peninsula. It is where Ancient Rome originated as a small agricultural community about the 8th century BC, which spread over the course of centuries into the colossal Roman empire, encompassing the whole Mediterranean Sea and merging the Ancient Greek and Roman cultures into one civilization. This civilization was so influential that parts of it survive in modern law, administration, philosophy and arts, providing the groundwork that the Western world is based upon.Spadolini II Cabinet
The Spadolini II Cabinet, led by Giovanni Spadolini, was the 40th cabinet of the Italian Republic.
The government remained in office from 23 August 1982 to 1 December 1982. This government was also known as the "Photocopy government", as identical to the previous Spadolini Cabinet.
The cabinet fell due to the so-called "Lite delle comari" (lyricism of the comedians), i.e. a political conflict between the ministers Beniamino Andreatta and Rino Formica about the "divorce" between Minister of Treasury and Bank of Italy.