Specific measures of an extraordinary nature can be adopted for branches of foreign banks with a significant volume of deposits raised in Italy. The Bank of Italy’s supervision of branches includes important controls on the transparency of banking services offered to customers and against money-laundering, about which I will say more shortly.
Key areas such as securitisation, insolvency regimes, and tax legislation need to be prioritised. Cross-border barriers to clearing and settlement should be removed. Financial stability concerns also need to be addressed, including an assessment of whether additional macro-prudential instruments should be developed.