REGION B – EUROPE
THE SINKING OF THE TITANIC
(April 14-15, 1912 – North Atlantic Ocean)
The Bank of Italy
ROTHSCHILD OWNED & CONTROLLED CENTRAL BANK
The Official Story
THE BANK OF ITALY
The Bank of Italy, is the central bank of Italy and part of the European System of Central Banks. It is located in Palazzo Koch, via Nazionale, Rome. The bank’s current governor is Ignazio Visco, who took the office on 1 November 2011.
After the charge of monetary and exchange rate policies was shifted in 1998 to the European Central Bank, within the European institutional framework, the bank implements the decisions, issues euro banknotes and withdraws and destroys worn pieces.
The main function has thus become banking and financial supervision. The objective is to ensure the stability and efficiency of the system and compliance with rules and regulations; the bank pursues it through secondary legislation, controls and cooperation with governmental authorities.
Following a reform in 2005, which was prompted by takeover scandals, the bank has lost exclusive antitrust authority in the credit sector, which is now shared with the Italian Competition Authority.
Other functions include market supervision, oversight of the payment system and provision of settlement services, State treasury service, Central Credit Register, economic analysis and institutional consultancy.
As of 2021, the Bank of Italy owned 2,451.8 tonnes of gold, the third-largest gold reserve in the world.
The institution was established in 1893 from the combination of three major banks in Italy (after the Banca Romana scandal). The new central bank first issued banknotes during 1926. Until 1928, it was directed by a general manager, after this time instead by a governor elected by an internal commission of managers, with a decree from the President of the Italian Republic, for a term of seven years.
In 1863 the crisis of the world money market created panic and the rush to the counters to collect the metallic currency in exchange for the banknotes. The Italian government responded in 1866 by introducing the fiat and legal tender of paper money. The government was accused in this way of favouring the issuing banks, and a long debate called the “banking question” arose about the advisability of having one or more issuers.
The Minghetti-Finali law of 1873 established the mandatory consortium of issuing institutions among the six existing issuing institutions, the National Bank of the Sardinian States, the National Bank of Tuscany, the Tuscan Bank of Credit for Industries and Commerce of Italy, the Banca Romana, the Banco di Napoli and the Banco di Sicilia, but the measure proved insufficient.
Following the Banca Romana scandal, the reorganization of the issuing institutions became necessary.