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Italian Guidelines for Public Debt Management - 2005

The Italian public debt is comprised 95% by liabilities of the Central Government, with the remaining quota attributable to Local governments, whose autonomy mandates that they manage their own portion of the debt. About 88% of the Central government debt is represented by negotiable financial instruments – Government bonds – and is managed by the Direction II of the Department of the Treasury of the Ministry of Economy and Finance. The present document illustrates the guidelines for the management of said quota of the debt, carried out essentially through the issuance of Government securities.