The National Bank of Italy
, also known as Banca d'Italia
, is Italian Republic's central bank
. The bank is located at Palazzo Koch, Roma via Nazionale and is a part of the ESCB i.e. European System of Central Banks
. After the merger of the 4 main banks in the Italy, the bank was established in 1893. On 16 January, 2006 the office of the bank came under Mario Draghi, who is the current governor of the bank.
It is an institution for public law and carries on the aims of interest in financial and monetary matters
. In order to perform the functions properly, the bank operates independently and autonomously in compliance with the provisions of Community and Italian Law. Banca d'Italia prepares data and collection information for the maximum dissemination with the help of awareness of the importance of its responsibilities and tasks and public nature of its functions.
In 1998, after the charge of exchange and monetary rate, policies were shifted within the European framework for institutions to the European Central Bank. Banca d'Italia destroys or withdraws the worn pieces, issues the Euro bank notes and implements the discussions.
As a result, the major function of the bank has become financial supervision and banking. Its main objective is to ensure the efficiency and the stability of the European System of Banking and following the regulations and rules. Banca d'Italia pursues it or carries on through secondary legislation, cooperation and control with the governmental authorities.
By following the reform in 2005, Banca d'Italia lost the major antitrust authority in the sector of credit, which was prompted by the scandals of takeover. The same is now being shared by the Italy's Antitrust Authority.
Banca d'Italia also has some other functions such as provision of the settlement services, oversight of the system of payment and the market supervision. It also carries the services such as Central Credit Register, State Treasury Service, Institutional Consultancy and Economic Analysis.
The National Bank of Italy (Banca d'Italia) is governed by the Board of Directors, the Director General, the Shareholders, 2 Deputy Director Generals and the Governor. The governor and 13 directors who are elected by the General Body Meeting of the Share Holders constitute the Board of Directors. This Board of Directors has the administrative powers. The bank is headed under the supervision of the Governor and each member of the Board has a term of 5 years and they can be re-elected.
The General Body meeting takes place after every year and the main purpose behind it is to appoint the auditors and approve the accounts. The Board has the administrative powers and is headed by the Governor or the Director General. In the absence of the Governor, the Director General heads the bank and is responsible for the regular administration of Banca d'Italia. After the reform of 2005, the exclusive responsibility of financial ad banking supervision was transferred from the Governor to the Directorate.
The bank's compliance and administration with the regulations and law is assessed by the Board of Auditors. The Directorate holds the position for a span of 6 years and it can be renewed only once. The bank is being operated in three different levels i.e. local, national and international. The bank has been spread in 95 provincial capitals and has around 97 branches.
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