 All banks with the exception of the Housing and Commercial Bank are under state ownership, while the Housing and Commercial Banks is owned by the ruling party, the PFDJ.In 1914, the Italian government authorized the Banca d'Italia, the Italian central bank, to operate under special regime and therefore to carry out in the colonies operations not allowed in Italy, including commercial banking.Banca d'Italia then established its first two branches in Asmara and Massawa.