NationMaster - Encyclopedia: Banca d'Italia

Banca d'Italia is the central bank of Italy and part of the European System of Central Banks. It is located in Palazzo Koch, Roma, via Nazionale. The bank's current governor is Mario Draghi, who took the office on January 16, 2006. Image File history File linksMetadata Size of this preview: 800 Ã— 600 pixel Image in higher resolution (2816 Ã— 2112 pixel, file size: 2. ... Headquarters denotes the location where most, if not all, of the important functions of an organization are concentrated. ... Nickname: The Eternal City Motto: SPQR: Senatus PopulusQue Romanus Location of the city of Rome (yellow) within the Province of Rome (red) and region of Lazio (grey) Coordinates: Region Lazio Province Province of Rome Founded 21 April 753 BC - Mayor Walter Veltroni Area - City 1285 kmÂ² (580 sq mi) - Urban... Year 1893 (MDCCCXCIII) was a common year starting on Sunday (link will display the full calendar) of the Gregorian calendar (or a common year starting on Tuesday of the 12-day slower Julian calendar). ... Mario Draghi, born September 3, 1947, was nominated to be the new governor of the Bank of Italy on December 29, 2005. ... A website (or Web site) is a collection of web pages, images, videos and other digital assets and hosted on a particular domain or subdomain on the World Wide Web. ... Headquarters Frankfurt, Germany Established 1 January 1998 President Jean-Claude Trichet Central Bank of Austria, Belgium, France, Finland, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain Currency Euro -ISO 4217 Code EUR Reserves >â‚¬4 billion Base borrowing rate 4. ... The European System of Central Banks (ESCB) is composed of the European Central Bank (ECB) and the national central banks (NCBs) of all 25 EU Member States. ... Nickname: The Eternal City Motto: SPQR: Senatus PopulusQue Romanus Location of the city of Rome (yellow) within the Province of Rome (red) and region of Lazio (grey) Coordinates: Region Lazio Province Province of Rome Founded 21 April 753 BC - Mayor Walter Veltroni Area - City 1285 kmÂ² (580 sq mi) - Urban... Mario Draghi, born September 3, 1947, was nominated to be the new governor of the Bank of Italy on December 29, 2005. ... January 16 is the 16th day of the year in the Gregorian calendar. ... For the Manfred Mann album, see 2006 (album). ...

1 Functions
2 History
- 2.1 General Managers (1893 - 1928)
- 2.2 Governors (1928 - present)
3 Organization of the Bank of Italy
- 3.1 Governing Bodies
- 3.2 Appointment
4 See also
5 External links

Functions

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. Headquarters Frankfurt, Germany Established 1 January 1998 President Jean-Claude Trichet Central Bank of Austria, Belgium, France, Finland, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain Currency Euro -ISO 4217 Code EUR Reserves >â‚¬4 billion Base borrowing rate 4. ... ISO 4217 Code EUR User(s) Andorra, Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Kosovo, Luxembourg, Monaco, Montenegro, the Netherlands, Portugal, San Marino, Slovenia, Spain, Vatican City Inflation 1. ...

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 Italy's Antitrust Authority.

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.

History

The institution, also called Bankitalia, was founded in 1893, from the fusion of the four major banks in Italy. Until 1928 it was directed by a General Manager, while since then it is directed by a Governor. The Governor was elected from the internal commission of managers, with a decree from the President of the Italian Republic. Its mandate during 7 years. The President of the Italian Republic is the head of State of Italy, and represents national unity. ...

General Managers (1893 - 1928)

Giacomo Grillo (1893 - 1894)
Giuseppe Marchiori (1894 - 1900)
Bonaldo Stringher (1900 - 1928)

Governors (1928 - present)

Bonaldo Stringher (1928 - 1930)
Vincenzo Azzolini (1931 - 1944)
Luigi Einaudi (1945 - 1948)
Donato Menichella (1948 - 1960)
Guido Carli (1960 - 1975)
Paolo Baffi (1975 - 1979)
Carlo Azeglio Ciampi (1979 - 1993)
Antonio Fazio (1993 - 2005)
Mario Draghi (2006 - present)

Luigi Einaudi (1874 - 1961) was an Italian political figure. ... Carlo Azeglio Ciampi (born 9 December 1920 in Livorno) is an Italian politician and banker who has been both Prime Minister of Italy and President of the Italian Republic. ... Antonio Fazio (born 1936 in Alvito, province of Frosinone) is the Governor of the Bank of Italy, a lifetime appointment (although legislation establishing a fixed-term appointment is now expected), and considered one of the most powerful men in Italy. ... Mario Draghi, born September 3, 1947, was nominated to be the new governor of the Bank of Italy on December 29, 2005. ...

Organization of the Bank of Italy

Governing Bodies

The Bank's governing bodies are the General Meeting of Shareholders, the Board of Directors, the Governor, the Director General and two Deputy Directors General; the last four constitute the Directorate. An Annual General Meeting, commonly abbreviated as AGM, also known as the annual meeting, is a meeting that official bodies and associations involving the public are often required by law (In what country?) to hold. ... In relation to a company, a director is an officer of the company charged with the conduct and management of its affairs. ... For other uses, see Governor (disambiguation). ... Director-general is the professional head of a UK Executive Agency which contains other agencies headed by directors. ...

The general meeting takes place yearly and has 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 has lost exclusive responsibility regarding decisions with external relevance (i.e. banking and financial supervision), which has been transferred to the Directorate (on majority vote). The Director General is responsible for the day-to-day administration of the bank, and acts as governor when absent. Audit can refer to: Telecommunication audit Financial audit Performance audit Completion of a course of study for which no assessment is completed or grade awarded; especially audit is awarded to those who have elected not to receive a letter grade for a course in which letter grades typically awarded. ...

The Board of Auditors assesses the bank's administration and compliance with the law, regulations and the statute.

Appointment

The Directorate's term of office lasts six years and is renewable once. The appointment of the governor is in charge of the government, heard the Board of Directors, with the approval of the President of the Republic (formally a decree of the President). The Board of Directors is elected by the shareholders according to the bank statute. Decree is an order that has the force of law. ... The Statute of Grand Duchy of Lithuania A statute is a formal, written law of a country or state, written and enacted by its legislative authority, perhaps to then be ratified by the highest executive in the government, and finally published. ...

External links

(Italian) (English) Banca d'Italia
History of the Banca d'Italia

Categories: Banks of Italy | European System of Central Banks | Central banks

COMMENTARY

Share your thoughts, questions and commentary here

Want to know more?
Search encyclopedia, statistics and forums:

Feeds | Contact
The Wikipedia article included on this page is licensed under the GFDL.
Images may be subject to relevant owners' copyright.
All other elements are (c) copyright NationMaster.com 2003-5. All Rights Reserved.
Usage implies agreement with terms.

Contents

Functions GA_googleFillSlot("encyclopedia_square");