In the framework of the adoption of "Basel 2" by the Italian banking system, the Bank of Italy, with Circular No. 263 of 27 December 2006 "New prudential regulatory provisions for banks" defined the ways whereby domestic banks or banking groups have to disclose information relating to capital adequacy, exposure to risks as well as the general features of the systems for identification, measurement and management of those risks (so-called Third pillar of Basel 2 - "Pillar 3"). As of 1 January 2014, in the framework of the adoption of "Basel 3", the Bank of Italy, with Circular No. 285 of 17 December 2013 "Supervisory provisions for banks", revised the ways whereby domestic banks and banking groups have to disclose the aforementioned information (so-called Third pillar of Basel 3 - "Pillar 3"). In the framework of the adoption of "Basel 3", in its Communication of 17 February 2014 "Obligations of disclosure for the global systemically important banks", the Bank of Italy provides that Italian banks with a leverage ratio exposure measure exceeding 200 billion euro - like the Intesa Sanpaolo Group - make publicly available the information concerning the 12 indicators used in the assessment methodology on their website. In compliance with the recommendation of the Financial Stability Board, the Basel Committee on Banking Supervision developed the assessment methodology to identify the Global Systemically Important Banks ("G-SIBs") that will be subject to higher loss absorbency requirements from 1 January 2016. By its Circular no. 285, the Bank of Italy introduced into the Italian regulations the provisions included in art. 89 of Directive 2013/36/EU (CRD IV) which require specific disclosure obligations broken down on a country-by-country basis. Institutions are required to disclose, annually, specifying, by each country where they have an establishment, a set of information to be prepared on the same basis, and with the same criteria, as those adopted when preparing the financial statements. |