|
|
|
|
|
Public sector lending, as well as the other public-interest activities performed by CDP under its public-policy mandate, are subject to the guidelines established by the Italian Ministry of Economy and Finance (MEF), in line with transparency and financial equilibrium criteria.
The MEF set forth the general and economic conditions for CDP's public sector lending and sovereign-guaranteed postal funding activity through Ministerial Decree of 6 October 2004
, which also defined criteria for the organisational and accounting separation between CDP's two operational areas. Through Ministerial Decree of 27 January 2005
on eligible equity investments, the MEF also established that CDP may acquire shareholdings and participations in listed or unlisted companies provided that their activities are related, instrumental or ancillary to the business purposes of CDP.
CDP is subject to parliamentary supervision. On a yearly basis the MEF refers to the Italian Parliament on the activities carried out and the results achieved by the company under the Gestione Separata. In addition, the Italian Court of Public Accounts (Corte dei Conti) - which is responsible for controlling public expenditures - supervises the accountancy of the Gestione Separata and prepares its own report to Parliament.
CDP is also subject to the provisions applicable to financial intermediaries enrolled in the special list held by the Bank of Italy pursuant to Article 107 of the Legislative Decree 385 of 1 September 1993 (the Italian Banking Act), taking into account CDP's legal status and organisation and the special provisions for the Gestione Separata. CDP will be supervised by the Bank of Italy under ad hoc regulations that have not been finalised yet.
In September 2006, CDP was classified by the Bank of Italy as a "credit institution" as defined in Article 4 of the Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006. As a result, effective as of 30 September 2006, the company is obliged to maintain the minimum reserves required to credit institutions and to provide the statistical information required to financial monetary institutions pursuant to the European provisions on the European Central Bank System.
|
|
|
|
|
|
|
|
|
