The spread between the bank bill swap rate and the expected policy rate (OIS) has risen in recent days but remains low, nothing at all like what occurred in GFC. Exchange rate volatility has been very low for a considerable period of time, but has picked up in the past few days. However it still remains considerably lower than volatility in other financial markets.
Includes banking groups and subsidiaries of foreign banks; excludes branches of foreign banks. Ratios are calculated net and gross of provisions. – (2) The data for March 2020 are provisional. 4  Figure 3  Banks’ investment in Italian public sector securities by IFRS portfolio (1) (per cent)  Sources: supervisory reports. (1) All public sector securities, including those issued by local authorities.