Another factor tending to reduce banking intermediation is the high level of public debt and the substantial investment of households’ savings in public-sector securities. Although growing, the presence of Italian banks in foreign markets is still limited. According to the BIS, at the end of last year the Italian banking system’s assets abroad vis-àvis non-bank counterparties equaled 13 per cent of GDP.
The levels reached by the French, Spanish and German banking systems are much higher, respectively 49, 36 and 72 per cent. The leading international banks are interested in the Italian market.