Italy's Resolution Fund reports 2025 activities

The National Resolution Fund (FNR) was established in 2015 by the Banca d'Italia, acting as the national resolution authority, in accordance with the EU Bank Recovery and Resolution Directive (BRRD).

The FNR operates as an autonomous patrimony, entirely separate from the Banca d'Italia's assets and other managed funds.

Its sole purpose is to meet obligations arising from resolution interventions and financial management operations.

The Banca d'Italia manages the fund, making decisions on its financial endowment, investments, and use for resolution measures, including guarantees.

The FNR is required to produce an annual report, which is audited by Deloitte & Touche spa and reviewed by the Banca d'Italia's Board of Statutory Auditors.

The report is approved by the Banca d'Italia's Directorate and published by April 30 of the following year, allowing for the inclusion of year-end financial data from REV Gestione Crediti spa.

The FNR maintains the capacity to call for mandatory contributions, both current and prospective, to honor its commitments and guarantees.

Italian law (L. 208/2015) allows the Banca d'Italia to request additional contributions from banks if the fund's available resources are insufficient.

These additional contributions can amount to up to three times the ordinary contribution callable by the Single Resolution Board (SRB) within the Single Resolution Fund (SRF).

A 2025 regulatory change (DL 95/2025) extended the Banca d'Italia's ability to call for these additional contributions indefinitely, until the FNR's closure, based on the 2023 ordinary contribution.

The Single Resolution Fund (SRF) for the euro area reached its minimum target level in 2023, leading to no ordinary contributions being collected from entities under the SRM regulation in 2024 and 2025.