In November, the portfolio of Italian government bonds held by banks operating in the country fell again, falling to its lowest level since September 2012. According to preliminary ECB data, the value of the portfolio stood at 347,3 billion from 362 at the end of October.
The amount of the wallet it remained above 400 billion continuously from May 2013 to October 2016 — with a peak of almost 440 billion in February 2015 — returning again beyond that threshold in March and April of this year.
To explain the reduction of the national government portfolio held by Italian banks are mainly the sales of securities to the Eurosystem as part of the Qe decided by the ECB. Added to this, at least until November, is the willingness of credit institutions to lighten their portfolio in BTPs so as not to be caught unprepared for possible new rules that penalize the possession of BTPs.
On December 7, however, the Basel committee dispelled most of these doubts. In fact, no changes to the rules relating to banks' exposure to sovereign debt were introduced in the new package of Basel III rules. To reassure the holders of Btp were the words of the president of the ECB Mario Draghi on that occasion.
According to analysts, the sales of BTPs in 2018 could rather be pushed the well-founded risk of an uncertain political framework after the elections of 4 March.
