The chart shows that the Italian banking system as a whole is almost fully benefiting from the allocated allowances, also in response to the re-distribution of excess liquidity towards the Italian banking system.
3/5  BIS central bankers' speeches  In addition, new regulatory requirements are increasing the demand for safe assets. German government bonds alone are yielding negative returns on maturities of up to eight years. Against this backdrop, discussions are under way as to what can be done to counter this shortage of safe assets.