The Covid effect also weighs on the accounts of Bank of Italy, which in 2020 saw its own profitability decrease compared to 2019. Palazzo Koch still records a helpful net of 6.3 billion and it will turn 5.9 to the State (273 million will go to the other shareholders) like dividends. In the public coffers will then also enter the pertinent taxes for 1.4 billion, bringing the total arriving from via Nazionale to 7.3 billion. Over the past five years, the governor recalled Ignazio Visco in the course of the budget report to the shareholders’ meeting, “the cumulative amount recognized to the State would thus reach the amount of 25 billion, in addition to
competence for 6.5 billion “.
The balance sheet total, due to the extraordinary plan for the purchase of pandemic securities launched by the European Central Bank and implemented by national central banks, it has reached the “unprecedented” size of almost “1,300 billion, 336 more than last year“. Since the end of 2014, “the balance sheet total has grown by almost 150 per cent, due to the extraordinary increase in long-term refinancing operations of banks and purchases of government securities and bonds”: in 2015, the ECB of Mario Draghi in fact, it launched quantitative easing, i.e. the government bond purchase program that had the objective of boosting the growth of the Eurozone
I costs of exercise are in turn dropped by 4% also due to smart working: there was a “decrease in personnel expenses, especially for the lower severance indemnities paid during the year, as well as to the reduction of costs strictly related to work in presence such as, for example, missions and users “. In 2020, the Bank’s employees, equal to the end of the year a 6,671 units, “Have lent theirs remote activity on average for almost 60 percent of working days, compared to 4 per cent of the previous year, and for over 90 per cent between mid-March and the end of April ”.