In the ordinary meeting of Participants at the Bank of Italy on 28 March 2024, the balance of the 2023 financial year.
The 2023 budget of the Bank of Italy recorded a reduction of 223 billion euros, reaching 1,253 billion: the main decreases were in the activity of monetary policy, mainly in the operations of refinancing to credit institutions and in securities, while in liabilities the debt balance connected to the TARGET system and the deposits of credit institutions.
L’Eurosystem is primarily committed to the stability of prices, not for the profit; monetary policy decisions are made for this purpose, even if they may temporarily negatively affect the outcomes of central banks.
In 2023, the gross result was negative for 7,125 million, compared to the positive 5,860 million in 2022, mainly due to the reduction in the interest margin and the net result of the redistribution of monetary income, due to theonerousness of financial liabilities in euros.
To address the risks potential, the Bank of Italy accumulated financial resources and strengthened its capital funds, part of which was used to cover the 2023 loss.
Expecting a return to positive profitability in 2025, the general risk fund was used for 5,600 million, bringing the capital funds from 35,214 to 29,614 million.
Also considering the tax recovery of the loss, the 2023 financial year closed with a net profit of 815 million: Participants were assigned a dividend of 200 million, while 615 million were allocated to State.
Thanks to the dividend distribution policy, Participants will receive 340 million, as in the previous year, thanks to the partial use of a special item for the stabilization of dividends.
