In brief

On 16 December 2020, the Bank of Italy published a press release recommending that, at least until 30 September 2021, Italian less significant banks (i) refrain from deciding on or paying out dividends or limit these dividends to no more than 15 per cent of the accumulated profit for the financial years 2019 and 2020, or no more than 20 basis points in terms of the Common Equity Tier 1 ratio, whichever is lower, (ii) refrain from deciding on or paying out provisional dividends in relation to profit for 2021, and (iii) exercise extreme prudence in calculating variable remuneration.

Click here to read the press release.