On 28 July 2014, the Central Bank published guidance for Irish-authorised life assurance companies that have opted into the Italian withholding tax regime. A 2009 letter from the Central Bank to life assurance companies set out guidance on valuing tax asset recoveries available under that regime. The recent publication incorporates and updates that guidance, taking into account preparations for Solvency II. The updated Central Bank guidance follows changes to Italian law in 2012 relevant to the withholding tax regime and a subsequent survey of life assurance companies by the Central Bank in 2013. The main concerns of the Central Bank are to ensure that: (a) a prudent value is placed on the tax asset recoveries; (b) companies make provision for adequate recognition of the illiquid nature of the tax asset; and (c) companies make provision for adequate recognition of any concentration risk.