(Finance) – The amount of certificates held by Italian families it grew further, reaching i 56 billion euros in June 2024 (it was 44 billion in mid-2023). This is what emerges in the Bank of Italy’s second Financial Stability Report of 2024d. After national government bonds, these represent in aggregate the most significant category of debt securities in household portfolios.
“These are complex instruments which in some cases may be subject to large variations in price and thus exposing holders to high losses should an adverse scenario occur”, observes the Bank of Italy.
It is noted that during the year there was afurther significant growth in placements of certificates, purchased mainly by families. The Bank of Italy “has been reporting this phenomenon for some time and continues to monitor its evolution”.
The presence of these tools, “complex and relatively risky“, has grown significantly in the household portfolio starting from 2022, representing almost 12 percent of the debt securities held in June 2024. Based on the Italian household economic survey (ICF), approximately 10 percent of households, mostly in good income and financial conditions, invest in certificates.