Public Finances: Borrowing Requirement and Debt - January 2026

Statistics16 March 2026 The Public Finances: Borrowing Requirement and Debt For further information: statistiche@bancaditalia.it www.bancaditalia.it/statistiche/index.htmlReference period: January 2026 Figure 1 Figure 2Figure 3 Figure 4(change on previous month; billions of euros)General government borrowing requirement(cumulated over the last 12 months; billions of euros)(1) Overall effect of: a) premiums and discounts at issuance and at redemption; b) appreciation of inflation-indexed bonds; c) exchange rate variations.General government debt holders(percentage of total debt)General government debt(billions of euros)Change in general government debtJan.'25Feb.'25Mar.'25Apr.'25May'25June'25July'25Aug.'25Sept.'25Oct.'25Nov.'25Dec.'25Jan.'262,9002,9503,0003,0503,1003,1502,9002,9503,0003,0503,1003,150Jan.'25Feb.'25Mar.'25Apr.'25May'25June'25July'25Aug.'25Sept.'25Oct.'25Nov.'25Dec.'25Jan.'26debtdebt, net of Treasury’s liquid balancesDec.'14Dec.'15Dec.'16Dec.'17Dec.'18Dec.'19Dec.'20Dec.'21Dec.'22Dec.'23Dec.'24Dec.'25Banca d'Italiaresident MFIs (excluding Banca d'Italia)resident financial institutions (excluding MFIs) other residentsnon residentschange in debtborrowing requirementchange in Treasury's liquid balances other (1)

General information I Unless indicated otherwise, figures have been computed by the Bank of Italy.II Symbols and Conventions:- the phenomenon does not occur;.... the phenomenon occurs but its value is not known;.. the value is known but is nil or less than half the final digit shown.Figures in parentheses in roman type () are provisional. Those in parentheses initalics () are estimated.III The tables are identified both by a number and by an alphanumeric code thatdefines the content of the table in the electronic database holding the informationto be released to the public. A similar code identifies the different aggregatesshown in each table.General information

C o n t e n t s General information Access to data in BDS: Table 1 - Formation of the central government borrowing requirement TCCE0100 Table 2 - Financing of the general government borrowing requirement: by instrument TCCE0125 Table 3 - Financing of the general government borrowing requirement: by subsector TCCE0155 Table 4 - General government debt: by instrument TCCE0175 Table 5 - General government debt: by holding sector TCCE0200 Table 6 - General government debt: by subsector TCCE0225 Table 7 - General government debt: by residual maturity TCCE0325 Table 8 - General government debt: by original maturity, instrument, currency of denominationand residence of the creditorsTCCE0350Table 9 - Central government debt: by original maturity, instrument, currency of denominationand residence of the creditorsTCCE0375Table 10 - Local government debt: by subsector and instrument TCCE0250 Table 11 - Local government debt: by geographical area TCCE0275 Table 12 - General government debt, deposits and other assets TCCE0300 Methodological appendixA brief description of the content of this report, and the methodology is available in Method and Sources: Methodological notes .Tables available only on BDSMain indicators of Public FinancesC o n t e n t s

The Public Finances: Borrowing Requirement and Debt Table 1 TCCE0100Formation of the central government borrowing requirementBudget receiptsBudget paymentsState budgetbalance(a)Change in the balance of Treasury accountCentral borrowing -(a+b)Privatization receipts(c)Central borrowing net of privatization receipts-(a+b)+cTaxrevenue(1)OtherrevenueTotalCurrentexpenditureCapitalexpenditureTotal (b)of which:Tax collectionaccounts (2)2024 .......... 593,380 99,808 693,188 692,722 152,398 845,120 -151,932 44,149 -952 107,783 3,108 110,8902025 .......... (614,226) (93,795) (708,021) (696,683) (148,374) (845,058) (-137,037) (24,422) (9,389) (112,615) (1) (112,615)2024 - Feb. 39,437 4,205 43,642 64,012 26,138 90,150 -46,508 32,804 -125 13,704 .. 13,704Mar. 37,007 3,150 40,157 41,027 8,531 49,558 -9,400 -17,631 131 27,032 .. 27,032Apr. 40,609 6,450 47,059 71,348 6,983 78,331 -31,272 14,735 148 16,536 654 17,190May 43,252 5,856 49,109 54,699 9,265 63,964 -14,855 3,255 51 11,600 1,367 12,966June 42,014 16,154 58,169 92,832 12,966 105,798 -47,630 32,908 493 14,722 .. 14,722July 60,456 7,102 67,559 50,661 10,301 60,962 6,596 -3,476 34 -3,121 .. -3,121Aug. 62,436 2,274 64,710 27,687 6,211 33,898 30,812 -22,793 -694 -8,019 .. -8,019Sept. 38,458 8,662 47,120 54,130 4,906 59,036 -11,916 -12,460 -183 24,376 .. 24,376Oct. 42,362 2,981 45,343 44,108 24,996 69,104 -23,761 7,286 596 16,475 .. 16,475Nov. 51,747 5,142 56,890 64,202 12,319 76,520 -19,630 16,387 467 3,243 1,087 4,330Dec. 89,126 30,065 119,191 78,619 22,851 101,470 17,721 -5,745 -343 -11,976 .. -11,9762025 - Jan. (35,203) (2,820) (38,023) (35,450) (7,979) (43,429) (-5,406) (2,552) (16,193) (2,853) (..) (2,853)Feb. (54,799) (3,569) (58,369) (47,185) (3,176) (50,360) (8,008) (-23,365) (-16,840) (15,357) (..) (15,357)Mar. (38,051) (6,627) (44,678) (73,960) (16,306) (90,266) (-45,588) (21,812) (-82) (23,776) (..) (23,776)Apr. (41,927) (6,704) (48,631) (58,092) (9,889) (67,980) (-19,349) (-1,293) (221) (20,642) (..) (20,642)May (43,564) (4,723) (48,286) (69,964) (7,937) (77,902) (-29,616) (17,406) (-190) (12,209) (..) (12,209)June (43,785) (6,241) (50,025) (80,633) (35,665) (116,299) (-66,273) (48,005) (1,562) (18,268) (..) (18,268)July (68,318) (13,162) (81,480) (58,605) (11,767) (70,372) (11,108) (3,720) (1,697) (-14,828) (..) (-14,828)Aug. (56,073) (1,826) (57,899) (31,840) (8,298) (40,138) (17,761) (-17,274) (628) (-487) (..) (-487)Sept. (37,060) (8,782) (45,842) (50,449) (8,786) (59,234) (-13,392) (-12,489) (888) (25,882) (..) (25,882)Oct. (43,402) (3,209) (46,611) (45,471) (6,892) (52,362) (-5,751) (-12,111) (1,342) (17,862) (..) (17,862)Nov. (51,921) (4,068) (55,989) (73,231) (8,470) (81,701) (-25,712) (19,698) (2,329) (6,014) (..) (6,014)Dec. (100,122) (32,065) (132,187) (71,804) (23,210) (95,014) (37,173) (-22,239) (1,641) (-14,934) (..) (-14,933)2026 - Jan. .... .... .... .... .... .... .... .... .... (7,797) (..) (7,797)(1) The revenues shown in this table do not correspond to the taxes actually paid. The monthly flows are observed with reference to the time receipts are entered in the state budget, which, since May 1998, has not been the same as the time they are paid. In fact, as of May 1998, the main central government taxes are paid to the Treasury (and entered in the so-called “Tax collection accounts”) and allocated to the various items of the state budget only some time afterwards. – (2) The flows shown under this heading refer to the changes in the balance of the “Tax collection accounts”. A positive flow indicates an increase in the balance (the taxes received exceeded those allocated to the state budget) and vice versa.Table 1 - (TCCE0100) - Formation of the central government borrowing requirement

The Public Finances: Borrowing Requirement and Debt Table 2 TCCE0125 Financing of the general government borrowing requirement: by instrumentCurrency and depositsShort-term(b)Medium and long-term (c)MFI loans(d)European institutions loans(e)Other liabilities(f)Transactions in debt instruments(g=a+b+c+d+e+f)Change in Treasury’s liquid balances: (positive value: -)General borrowing (g+h)(a)of which:Post Officefunds(h)of which: change in investments of liquidity (positive value: -)2024 .................... -20,873 -7,536 10,077 94,840 -7,018 14,737 1,302 93,064 12,325 -14,779 105,3892025 .................... (-7,424) (-8,974) (330) (113,925) (57) (20,304) (-3,209) (123,982) (-14,741) (-5,981) (109,241)2024 - Feb........... -6,374 -939 5,503 20,823 -2,332 .. 4,643 22,262 -8,564 13,673 13,698Mar. .......... 207 -545 16 21,547 446 .. 838 23,053 4,159 -22,048 27,212Apr............ -1,768 -389 4,759 10 -19 .. 7,045 10,028 6,484 13,387 16,512May .......... -3,143 -373 -1,733 16,030 -412 .. 318 11,060 256 -5,757 11,315June ......... -55 -253 4,624 27,193 1,089 .. -4,679 28,171 -13,540 -15,900 14,631July........... 2,182 -264 -2,730 3,400 -2,373 .. -4,362 -3,881 16 -837 -3,865Aug........... -830 -200 2,532 1,403 -407 7,857 1,063 11,618 -19,761 -16,239 -8,144Sept.......... -859 -192 -2,296 1,954 261 .. 701 -239 24,887 21,037 24,648Oct. .......... 376 -269 1,562 16,947 477 .. -115 19,246 -2,685 2,677 16,561Nov........... 16,540 -754 -185 9,776 230 .. -2,130 24,230 -20,936 -14,659 3,294Dec........... -22,263 -1,623 -94 -20,636 -2,605 6,880 -768 -39,485 26,290 15,059 -13,1952025 - Jan. .......... (-652) (-2,915) (-2,802) (20,925) (-243) (..) (-2,198) (15,031) (-12,320) (-4,509) (2,711)Feb........... (4,204) (-1,422) (3,336) (33,470) (252) (..) (426) (41,688) (-26,204) (-28,720) (15,484)Mar. .......... (17,504) (-744) (-1,399) (-10,829) (102) (..) (4,395) (9,773) (13,939) (10,808) (23,713)Apr............ (7,266) (-479) (3,671) (19,770) (291) (..) (-2,973) (28,026) (-7,220) (1,980) (20,806)May .......... (2,973) (-408) (-2,617) (-12,142) (236) (..) (530) (-11,021) (23,248) (21,090) (12,228)June ......... (-16,612) (-277) (2,368) (33,494) (-2,065) (..) (219) (17,404) (-804) (-9,288) (16,600)July........... (-10,937) (-314) (-4,408) (1,034) (1,401) (..) (-2,195) (-15,104) (186) (4,182) (-14,918)Aug........... (6,951) (-225) (4,252) (-1,329) (-217) (13,673) (1,297) (24,628) (-25,314) (-25,230) (-686)Sept.......... (2,452) (-239) (-3,375) (1,924) (64) (..) (-1,633) (-568) (26,669) (23,213) (26,101)Oct. .......... (3,095) (-265) (4,841) (41,770) (248) (..) (-137) (49,817) (-31,756) (-18,187) (18,060)Nov........... (-3,620) (-570) (-830) (-3,545) (900) (-3,100) (3,606) (-6,588) (12,791) (-1,839) (6,203)Dec........... (-20,050) (-1,116) (-2,708) (-10,618) (-911) (9,731) (-4,547) (-29,104) (12,044) (20,520) (-17,060)2026 - Jan. .......... (16,887) (-2,571) (-905) (4,253) (-538) (..) (-2,171) (17,526) (-9,520) (-17,672) (8,006)Table 2 - (TCCE0125) - Financing of the general government borrowing requirement: by instrument

The Public Finances: Borrowing Requirement and Debt Table 3 TCCE0155Financing of the general government borrowing requirement: by subsectorCentral government borrowing requirementAdditional borrowing requirementof local governmentAdditionalborrowingof socialsecurityinstitutionsGeneral borrowing General borrowing requirement net of debt settlement and privatization receipts of which: of which:Securities MFI loans Securities MFI loans2024 .......................... 107,783 105,774 -5,777 -2,349 -857 -1,197 -45 105,389 108,4862025 .......................... (112,615) (115,078) (2,002) (-3,360) (-823) (-1,932) (-14) (109,241) (109,187)2024 - Feb. ............... 13,704 26,340 -2,400 -7 -14 66 1 13,698 13,698Mar................. 27,032 21,605 298 158 -42 128 22 27,212 27,212Apr. ................ 16,536 4,788 -65 -2 -19 67 -22 16,512 17,163May................ 11,600 14,381 -310 -278 -85 -95 -7 11,315 12,680June............... 14,722 32,074 1,167 -135 -258 -122 45 14,631 14,631July ................ -3,121 700 -1,882 -708 -29 -454 -37 -3,865 -3,865Aug. ............... -8,019 3,959 -354 -122 -24 -51 -3 -8,144 -8,144Sept. .............. 24,376 -300 68 265 -42 185 7 24,648 24,648Oct. ................ 16,475 18,524 282 94 -15 203 -8 16,561 16,561Nov. ............... 3,243 9,674 65 53 -83 165 -2 3,294 4,379Dec. ............... -11,976 -20,503 -1,528 -1,229 -227 -1,085 10 -13,195 -13,2002025 - Jan................. (2,853) (18,150) (-321) (-140) (-27) (79) (-2) (2,711) (2,710)Feb. ............... (15,357) (36,821) (56) (130) (-14) (199) (-3) (15,484) (15,484)Mar................. (23,776) (-12,204) (109) (-70) (-24) (-14) (6) (23,713) (23,712)Apr. ................ (20,642) (23,451) (165) (155) (-10) (118) (8) (20,806) (20,803)May................ (12,209) (-14,691) (66) (33) (-68) (184) (-15) (12,228) (12,226)June............... (18,268) (36,130) (-548) (-1,667) (-268) (-1,517) (-2) (16,600) (16,594)July ................ (-14,828) (-3,348) (1,218) (-82) (-27) (192) (-8) (-14,918) (-14,922)Aug. ............... (-487) (2,947) (-45) (-201) (-23) (-174) (2) (-686) (-696)Sept. .............. (25,882) (-1,408) (-144) (221) (-44) (210) (-2) (26,101) (26,094)Oct. ................ (17,862) (46,616) (-50) (200) (-6) (299) (-2) (18,060) (18,051)Nov. ............... (6,014) (-4,356) (722) (146) (-18) (135) (44) (6,203) (6,200)Dec. ............... (-14,934) (-13,032) (772) (-2,086) (-294) (-1,642) (-41) (-17,060) (-17,071)2026 - Jan................. (7,797) (3,373) (-1,036) (206) (-24) (493) (4) (8,006) (8,006)Table 3 - (TCCE0155) - Financing of the general government borrowing requirement: by subsector

The Public Finances: Borrowing Requirement and Debt Table 4 TCCE0175General government debt: by instrumentCurrency and depositsShort-termMedium and long-termMFI loans European institutions loansOther liabilities General Governmentdebtof which: Post Officefunds2024 .......................... 178,266 35,545 129,828 2,357,100 110,731 103,113 87,877 2,966,9152025 .......................... (170,842) (26,571) (130,157) (2,475,650) (110,787) (123,417) (84,668) (3,095,522)2024 - Feb. ............... 187,879 40,406 123,373 2,274,580 114,044 88,376 89,966 2,878,217Mar................. 188,085 39,861 123,389 2,295,536 114,490 88,376 90,803 2,900,679Apr. ................ 186,318 39,472 128,148 2,296,548 114,471 88,376 97,849 2,911,709May................ 183,175 39,099 126,415 2,314,662 114,058 88,376 98,167 2,924,853June............... 183,120 38,846 131,039 2,343,253 115,148 88,376 93,488 2,954,423July ................ 185,302 38,582 128,309 2,347,414 112,775 88,376 89,126 2,951,302Aug. ............... 184,472 38,382 130,841 2,349,031 112,367 96,233 90,189 2,963,133Sept. .............. 183,613 38,190 128,545 2,351,003 112,628 96,233 90,890 2,962,913Oct. ................ 183,990 37,921 130,107 2,367,724 113,105 96,233 90,776 2,981,934Nov. ............... 200,529 37,168 129,922 2,377,258 113,335 96,233 88,645 3,005,922Dec. ............... 178,266 35,545 129,828 2,357,100 110,731 103,113 87,877 2,966,9152025 - Jan................. (177,615) (32,631) (127,026) (2,377,567) (110,487) (103,113) (85,680) (2,981,488)Feb. ............... (181,819) (31,208) (130,362) (2,411,752) (110,739) (103,113) (86,105) (3,023,890)Mar................. (199,323) (30,464) (128,963) (2,400,746) (110,841) (103,113) (90,500) (3,033,486)Apr. ................ (206,589) (29,985) (132,635) (2,421,882) (111,132) (103,113) (87,528) (3,062,878)May................ (209,562) (29,577) (130,018) (2,410,975) (111,367) (103,113) (88,057) (3,053,092)June............... (192,951) (29,300) (132,385) (2,445,251) (109,302) (103,113) (88,276) (3,071,278)July ................ (182,014) (28,986) (127,977) (2,446,136) (110,703) (103,113) (86,082) (3,056,025)Aug. ............... (188,965) (28,762) (132,230) (2,445,493) (110,486) (116,786) (87,379) (3,081,339)Sept. .............. (191,417) (28,522) (128,854) (2,447,589) (110,550) (116,786) (85,746) (3,080,943)Oct. ................ (194,512) (28,258) (133,695) (2,489,506) (110,798) (116,786) (85,610) (3,130,906)Nov. ............... (190,892) (27,688) (132,865) (2,485,846) (111,698) (113,686) (89,216) (3,124,204)Dec. ............... (170,842) (26,571) (130,157) (2,475,650) (110,787) (123,417) (84,668) (3,095,522)2026 - Jan................. (187,729) (24,000) (129,253) (2,479,142) (110,249) (123,417) (82,497) (3,112,287)Table 4 - (TCCE0175) - General government debt: by instrument

The Public Finances: Borrowing Requirement and Debt Table 5 TCCE0200General government debt: by holding sectorBank of Italy Other resident MFIsOther residentfinancial institutionsOther residents Non residentsGeneraldebtof which: of which: of which: of which: of which:Securities Securities Securities Securities Securities2024 ................642,130 636,736 596,640 364,959 394,655 357,200 417,476 364,600 916,014 763,434 2,966,9152025 ................(574,074) (568,538) (617,728) (402,551) (392,797) (357,900) (447,093) (404,299) (1,063,830) (872,519) (3,095,522)2024 - Feb. .....688,390 683,095 602,087 364,918 392,981 353,661 388,375 328,481 806,385 667,798 2,878,217Mar.......685,286 679,990 594,772 357,514 394,906 353,572 403,800 346,167 821,914 681,681 2,900,679Apr. ......683,743 678,437 595,062 359,459 397,784 349,233 404,885 348,131 830,235 689,437 2,911,709May......678,957 673,643 597,650 363,972 397,120 348,331 415,208 358,504 835,919 696,627 2,924,853June.....681,360 676,034 602,909 369,567 397,498 354,429 420,846 364,082 851,810 710,181 2,954,423July ......676,350 671,014 604,420 370,519 389,269 350,424 422,651 366,270 858,613 717,497 2,951,302Aug. .....671,114 665,774 605,051 371,615 391,568 350,838 422,537 366,892 872,863 724,753 2,963,133Sept. ....661,629 656,271 600,563 367,983 396,356 354,941 421,094 366,265 883,271 734,088 2,962,913Oct. ......659,035 653,664 602,742 369,295 392,845 351,930 425,672 371,386 901,640 751,557 2,981,934Nov. .....653,823 648,440 608,960 377,140 389,362 351,317 424,711 370,349 929,066 759,935 3,005,922Dec. .....642,130 636,736 596,640 364,959 394,655 357,200 417,476 364,600 916,014 763,434 2,966,9152025 - Jan.......(638,791) (633,388) (606,618) (374,881) (384,446) (349,574) (421,264) (371,204) (930,369) (775,547) (2,981,488)Feb. .....(630,027) (624,616) (613,033) (382,473) (388,096) (351,315) (432,520) (385,412) (960,215) (798,299) (3,023,890)Mar.......(620,488) (615,075) (614,745) (387,429) (393,907) (352,859) (430,303) (383,680) (974,043) (790,666) (3,033,486)Apr. ......(617,560) (612,143) (614,528) (389,508) (387,218) (349,226) (434,653) (388,391) (1,008,919) (815,249) (3,062,878)May......(611,847) (606,417) (618,838) (389,127) (385,235) (347,250) (427,552) (381,217) (1,009,620) (816,981) (3,053,092)June.....(603,068) (597,621) (614,365) (389,111) (394,169) (356,577) (433,831) (387,410) (1,025,846) (846,918) (3,071,278)July ......(597,221) (591,745) (619,216) (394,184) (383,110) (347,548) (438,261) (392,264) (1,018,216) (848,372) (3,056,025)Aug. .....(592,149) (586,671) (620,536) (395,405) (386,644) (349,867) (442,577) (396,529) (1,039,433) (849,251) (3,081,339)Sept. ....(589,308) (583,812) (618,290) (394,617) (391,345) (356,279) (437,693) (392,050) (1,044,307) (849,685) (3,080,943)Oct. ......(589,477) (583,959) (629,163) (404,924) (388,977) (354,073) (454,162) (408,775) (1,069,128) (871,470) (3,130,906)Nov. .....(582,578) (577,053) (627,179) (403,023) (389,236) (350,699) (452,297) (407,505) (1,072,914) (880,431) (3,124,204)Dec. .....(574,074) (568,538) (617,728) (402,551) (392,797) (357,900) (447,093) (404,299) (1,063,830) (872,519) (3,095,522)2026 - Jan.......(571,045) (565,499) .... .... .... .... .... .... .... .... (3,112,287)Table 5 - (TCCE0200) - General government debt: by holding sector

The Public Finances: Borrowing Requirement and Debt Table 6 TCCE0225General government debt: by subsectorCentral government LocalUnconsolidateddebtConsolidatingitemsConsolidated debtUnconsolidateddebtConsolidatingitemsof which:Securities MFI loans2024 ..................................... 2,904,930 20,592 2,884,338 2,478,737 48,019 109,391 26,9022025 ..................................... (3,038,843) (22,526) (3,016,317) (2,598,439) (50,021) (105,417) (26,287)2024 - Feb. .......................... 2,812,733 18,979 2,793,754 2,388,952 50,278 111,905 27,527Mar............................ 2,835,496 19,460 2,816,036 2,409,966 50,576 112,023 27,487Apr. ........................... 2,846,489 19,399 2,827,090 2,415,756 50,511 111,978 27,443May........................... 2,859,771 19,252 2,840,519 2,432,222 50,200 111,518 27,261June.......................... 2,889,515 19,349 2,870,166 2,465,681 51,367 111,187 27,052July ........................... 2,887,181 19,391 2,867,790 2,467,141 49,485 110,481 27,054Aug. .......................... 2,899,136 19,391 2,879,746 2,471,314 49,131 110,359 27,054Sept. ......................... 2,898,820 19,566 2,879,254 2,471,033 49,200 110,720 27,150Oct. ........................... 2,918,048 19,861 2,898,188 2,489,330 49,482 110,749 27,085Nov. .......................... 2,942,600 20,475 2,922,125 2,498,762 49,546 110,752 27,035Dec. .......................... 2,904,930 20,592 2,884,338 2,478,737 48,019 109,391 26,9022025 - Jan............................ (2,919,694) (20,641) (2,899,053) (2,496,429) (47,698) (109,276) (26,928)Feb. .......................... (2,962,080) (20,753) (2,941,328) (2,533,964) (47,754) (109,341) (26,863)Mar............................ (2,972,085) (21,098) (2,950,987) (2,521,583) (47,863) (109,152) (26,743)Apr. ........................... (3,001,289) (21,075) (2,980,215) (2,546,400) (48,028) (109,272) (26,708)May........................... (2,991,171) (20,761) (2,970,410) (2,532,944) (48,094) (109,140) (26,542)June.......................... (3,011,433) (21,168) (2,990,265) (2,569,856) (47,547) (107,308) (26,376)July ........................... (2,996,326) (21,225) (2,975,101) (2,566,359) (48,765) (107,227) (26,377)Aug. .......................... (3,021,647) (21,033) (3,000,614) (2,569,992) (48,720) (107,023) (26,375)Sept. ......................... (3,021,297) (21,298) (3,000,000) (2,568,757) (48,576) (107,236) (26,367)Oct. ........................... (3,071,576) (21,811) (3,049,765) (2,615,520) (48,526) (107,370) (26,300)Nov. .......................... (3,064,939) (22,066) (3,042,873) (2,611,049) (49,248) (107,473) (26,258)Dec. .......................... (3,038,843) (22,526) (3,016,317) (2,598,439) (50,021) (105,417) (26,287)2026 - Jan............................ (3,055,208) (22,336) (3,032,872) (2,601,050) (48,985) (105,625) (26,290)Table 6 - (TCCE0225) - General government debt: by subsector

The Public Finances: Borrowing Requirement and Debt Table 6 TCCE0225government Social security institutionsGeneral Consolidated debtUnconsolidated debtConsolidating itemsConsolidated debtof which: of which: In foreign currencyMedium and long termsSecurities MFI loansof which: variable rate82,488 8,191 62,626 89 .. 89 2,966,915 1,276 2,622,727 480,305(79,130) (7,369) (60,694) (75) (..) (75) (3,095,522) (1,160) (2,758,548) (509,908)84,378 9,001 63,684 84 .. 84 2,878,217 1,257 2,528,949 462,27484,536 8,959 63,812 107 .. 107 2,900,679 1,262 2,548,791 467,99084,535 8,940 63,879 84 .. 84 2,911,709 1,245 2,549,756 464,79784,257 8,855 63,784 77 .. 77 2,924,853 1,246 2,568,034 471,27684,135 8,611 63,662 122 .. 122 2,954,423 1,243 2,598,003 476,45683,427 8,582 63,208 85 .. 85 2,951,302 1,244 2,599,936 479,99583,305 8,558 63,157 82 .. 82 2,963,133 1,245 2,608,738 489,77383,570 8,515 63,343 90 .. 90 2,962,913 1,248 2,610,960 478,01083,665 8,500 63,546 81 .. 81 2,981,934 1,246 2,628,495 463,55483,717 8,418 63,711 80 .. 80 3,005,922 1,248 2,638,927 471,55282,488 8,191 62,626 89 .. 89 2,966,915 1,276 2,622,727 480,305(82,348) (8,164) (62,705) (87) (..) (87) (2,981,488) (1,273) (2,643,627) (475,058)(82,478) (8,150) (62,903) (85) (..) (85) (3,023,890) (1,277) (2,676,597) (480,789)(82,409) (8,126) (62,889) (91) (..) (91) (3,033,486) (1,273) (2,665,774) (484,852)(82,565) (8,117) (63,007) (99) (..) (99) (3,062,878) (1,268) (2,687,121) (475,829)(82,598) (8,048) (63,192) (84) (..) (84) (3,053,092) (1,271) (2,677,015) (463,213)(80,931) (7,780) (61,675) (82) (..) (82) (3,071,278) (1,177) (2,709,098) (480,882)(80,849) (7,754) (61,867) (74) (..) (74) (3,056,025) (1,174) (2,711,677) (483,278)(80,648) (7,731) (61,692) (76) (..) (76) (3,081,339) (1,173) (2,725,013) (499,687)(80,869) (7,686) (61,903) (74) (..) (74) (3,080,943) (1,170) (2,726,837) (489,914)(81,070) (7,681) (62,202) (72) (..) (72) (3,130,906) (1,168) (2,769,109) (493,685)(81,215) (7,663) (62,336) (116) (..) (116) (3,124,204) (1,181) (2,762,743) (496,978)(79,130) (7,369) (60,694) (75) (..) (75) (3,095,522) (1,160) (2,758,548) (509,908)(79,335) (7,344) (61,187) (79) (..) (79) (3,112,287) (1,165) (2,762,879) (511,543)

The Public Finances: Borrowing Requirement and Debt Table 7 TCCE0325General government debt: by residual maturity(millions of euros, years)Debt with residual maturity up to 1 yearDebt with residual maturity over 1 and up to 5 yearsDebt with residual maturity over 5 yearsAverage residual maturityGeneraldebtof which: of which:variable rate variable rate2024 ................................. 583,293 936,066 152,854 1,447,557 269,216 7.9 2,966,9152025 ................................. (595,248) (988,360) (152,390) (1,511,914) (308,913) (7.9) (3,095,522)2024 - Feb. ...................... 597,817 922,015 163,288 1,358,385 244,558 7.9 2,878,217Mar........................ 617,604 887,724 163,107 1,395,351 250,597 7.9 2,900,679Apr. ....................... 616,639 897,324 167,100 1,397,746 235,601 7.8 2,911,709May....................... 619,524 880,352 158,855 1,424,977 230,483 7.8 2,924,853June...................... 640,984 885,312 160,194 1,428,127 234,713 7.8 2,954,423July ....................... 631,633 893,421 161,747 1,426,248 238,246 7.8 2,951,302Aug. ...................... 636,089 907,799 161,961 1,419,245 247,762 7.8 2,963,133Sept. ..................... 630,214 889,680 150,266 1,443,020 249,884 7.8 2,962,913Oct. ....................... 610,052 903,351 150,400 1,468,530 254,556 7.8 2,981,934Nov. ...................... 625,887 925,044 152,719 1,454,991 260,326 7.8 3,005,922Dec. ...................... 583,293 936,066 152,854 1,447,557 269,216 7.9 2,966,9152025 - Jan........................ (597,561) (914,061) (156,311) (1,469,866) (270,092) (7.9) (2,981,488)Feb. ...................... (612,591) (902,402) (156,713) (1,508,898) (275,394) (7.9) (3,023,890)Mar........................ (617,701) (936,577) (158,401) (1,479,208) (277,787) (7.9) (3,033,486)Apr. ....................... (662,442) (914,386) (141,531) (1,486,051) (283,897) (7.9) (3,062,878)May....................... (644,862) (931,249) (142,160) (1,476,981) (270,360) (7.9) (3,053,092)June...................... (633,759) (941,725) (151,180) (1,495,794) (278,930) (7.9) (3,071,278)July ....................... (612,045) (955,277) (151,237) (1,488,704) (282,519) (7.9) (3,056,025)Aug. ...................... (640,827) (948,471) (151,478) (1,492,041) (298,658) (7.9) (3,081,339)Sept. ..................... (639,679) (918,703) (134,549) (1,522,561) (303,224) (8.0) (3,080,943)Oct. ....................... (647,340) (966,150) (152,184) (1,517,416) (289,309) (7.8) (3,130,906)Nov. ...................... (627,721) (977,142) (152,216) (1,519,341) (294,683) (7.8) (3,124,204)Dec. ...................... (595,248) (988,360) (152,390) (1,511,914) (308,913) (7.9) (3,095,522)2026 - Jan........................ (597,826) (978,991) (152,304) (1,535,469) (310,755) (7.9) (3,112,287)Table 7 - (TCCE0325) - General government debt: by residual maturity

Table 8 TCCE0350General government debt: by original maturity, instrument, currency of denomination and residence of the creditors2024 2025 2025 Feb. 2025 Mar. 2025 Apr. 2025 May 2025 June 2025 July 2025 Aug. 2025 Sept. 2025 Oct. 2025 Nov. 2025 Dec. 2026 Jan.General government debt 2,966,915 (3,095,522) (3,023,890) (3,033,486) (3,062,878) (3,053,092) (3,071,278) (3,056,025) (3,081,339) (3,080,943) (3,130,906) (3,124,204) (3,095,522) (3,112,287)By maturityShort-term by original maturity 344,189 (336,974) (347,293) (367,712) (375,757) (376,077) (362,180) (344,348) (356,325) (354,107) (361,797) (361,461) (336,974) (349,407)Currency and deposits 178,266 (170,842) (181,818) (199,323) (206,589) (209,562) (192,950) (182,014) (188,965) (191,417) (194,512) (190,892) (170,842) (187,729)Debt securities 129,828 (130,157) (130,362) (128,963) (132,635) (130,018) (132,385) (127,977) (132,230) (128,854) (133,695) (132,865) (130,157) (129,253)Loans and other liabilities 36,095 (35,975) (35,113) (39,426) (36,533) (36,498) (36,845) (34,357) (35,131) (33,836) (33,590) (37,704) (35,975) (32,425)Long-term by original maturity 2,622,727 (2,758,548) (2,676,597) (2,665,774) (2,687,121) (2,677,015) (2,709,098) (2,711,677) (2,725,013) (2,726,837) (2,769,109) (2,762,743) (2,758,548) (2,762,879)With payment due in one year or less 239,105 (258,274) (265,298) (249,989) (286,685) (268,785) (271,579) (267,697) (284,501) (285,573) (285,543) (266,260) (258,274) (248,419)Currency and deposits .. (..) (..) (..) (..) (..) (..) (..) (..) (..) (..) (..) (..) (..)Debt securities 228,473 (252,296) (255,594) (240,561) (277,352) (259,444) (261,771) (258,182) (274,973) (276,146) (276,074) (259,876) (252,296) (242,448)Loans and other liabilities 10,631 (5,978) (9,703) (9,428) (9,332) (9,341) (9,808) (9,515) (9,528) (9,426) (9,469) (6,383) (5,978) (5,971) With payment due in more than one year2,383,622 (2,500,274) (2,411,300) (2,415,785) (2,400,436) (2,408,230) (2,437,519) (2,443,980) (2,440,512) (2,441,264) (2,483,566) (2,496,483) (2,500,274) (2,514,460)Currency and deposits .. (..) (..) (..) (..) (..) (..) (..) (..) (..) (..) (..) (..) (..)Debt securities 2,128,627 (2,223,355) (2,156,158) (2,160,185) (2,144,529) (2,151,531) (2,183,480) (2,187,954) (2,170,519) (2,171,443) (2,213,431) (2,225,971) (2,223,355) (2,236,694)Loans and other liabilities 254,995 (276,920) (255,142) (255,601) (255,907) (256,699) (254,039) (256,026) (269,993) (269,821) (270,135) (270,513) (276,920) (277,767)By instrumentCurrency and deposits 178,266 (170,842) (181,819) (199,323) (206,589) (209,562) (192,951) (182,014) (188,965) (191,417) (194,512) (190,892) (170,842) (187,729)Debt securities 2,486,928 (2,605,808) (2,542,114) (2,529,709) (2,554,516) (2,540,992) (2,577,636) (2,574,113) (2,577,722) (2,576,443) (2,623,200) (2,618,712) (2,605,808) (2,608,395)Loans and other liabilities 301,721 (318,872) (299,958) (304,454) (301,773) (302,538) (300,691) (299,898) (314,651) (313,083) (313,194) (314,600) (318,872) (316,163)By currency of denominationDomestic currency 2,965,640 (3,094,362) (3,022,613) (3,032,214) (3,061,610) (3,051,821) (3,070,101) (3,054,851) (3,080,166) (3,079,773) (3,129,739) (3,123,023) (3,094,362) (3,111,122)Foreign currency1,276 (1,160) (1,277) (1,273) (1,268) (1,271) (1,177) (1,174) (1,173) (1,170) (1,168) (1,181) (1,160) (1,165)By residence of the creditorDomestic creditors 2,050,901 (2,031,692) (2,063,676) (2,059,443) (2,053,959) (2,043,473) (2,045,433) (2,037,809) (2,041,905) (2,036,636) (2,061,779) (2,051,290) (2,031,692) ....Foreign creditors 916,014 (1,063,830) (960,215) (974,043) (1,008,919) (1,009,620) (1,025,846) (1,018,216) (1,039,433) (1,044,307) (1,069,128) (1,072,914) (1,063,830) ....Table 8 - (TCCE0350) -General government debt: by original maturity, instrument, currency of denomination and residence of

Table 9 TCCE0375Central government debt: by original maturity, instrument, currency of denomination and residence of the creditors2024 2025 2025 Feb. 2025 Mar. 2025 Apr. 2025 May 2025 June 2025 July 2025 Aug. 2025 Sept. 2025 Oct. 2025 Nov. 2025 Dec. 2026 Jan.Unconsolidated central government debt 2,904,930 (3,038,843) (2,962,080) (2,972,085) (3,001,289) (2,991,171) (3,011,433) (2,996,326) (3,021,647) (3,021,297) (3,071,576) (3,064,939) (3,038,843) (3,055,208)By maturityShort-term by original maturity 341,306 (333,359) (344,109) (364,576) (372,418) (372,764) (359,003) (341,093) (353,261) (350,866) (358,613) (357,998) (333,359) (345,603)Currency and deposits 178,266 (170,842) (181,818) (199,323) (206,589) (209,562) (192,950) (182,014) (188,965) (191,417) (194,512) (190,892) (170,842) (187,729)Debt securities 130,380 (130,358) (130,560) (129,134) (132,813) (130,175) (132,811) (128,400) (132,555) (129,063) (134,034) (133,078) (130,358) (129,339)Loans and other liabilities 32,660 (32,159) (31,731) (36,119) (33,015) (33,027) (33,242) (30,680) (31,742) (30,386) (30,067) (34,029) (32,159) (28,535)Long-term by original maturity 2,563,624 (2,705,484) (2,617,971) (2,607,509) (2,628,871) (2,618,408) (2,652,430) (2,655,233) (2,668,385) (2,670,432) (2,712,963) (2,706,941) (2,705,484) (2,709,605)With payment due in one year or less 237,033 (257,492) (263,729) (248,703) (285,731) (267,458) (269,744) (265,925) (282,661) (284,134) (284,045) (264,892) (257,492) (247,921)Currency and deposits .. (..) (..) (..) (..) (..) (..) (..) (..) (..) (..) (..) (..) (..)Debt securities 229,734 (254,263) (257,364) (242,489) (279,505) (261,225) (263,181) (259,604) (276,332) (277,867) (277,762) (261,689) (254,263) (244,714)Loans and other liabilities 7,299 (3,229) (6,365) (6,213) (6,226) (6,232) (6,563) (6,320) (6,329) (6,267) (6,282) (3,202) (3,229) (3,207) With payment due in more than one year2,326,591 (2,447,992) (2,354,241) (2,358,807) (2,343,141) (2,350,950) (2,382,685) (2,389,308) (2,385,724) (2,386,298) (2,428,918) (2,442,049) (2,447,992) (2,461,684)Currency and deposits .. (..) (..) (..) (..) (..) (..) (..) (..) (..) (..) (..) (..) (..)Debt securities 2,139,215 (2,236,345) (2,166,793) (2,171,058) (2,155,156) (2,162,305) (2,195,033) (2,199,579) (2,182,138) (2,183,124) (2,225,534) (2,238,348) (2,236,345) (2,249,333)Loans and other liabilities 187,376 (211,648) (187,449) (187,749) (187,984) (188,645) (187,653) (189,728) (203,586) (203,173) (203,384) (203,701) (211,648) (212,351)By instrumentCurrency and deposits 178,266 (170,842) (181,819) (199,323) (206,589) (209,562) (192,951) (182,014) (188,965) (191,417) (194,512) (190,892) (170,842) (187,729)Debt securities 2,499,330 (2,620,965) (2,554,716) (2,542,681) (2,567,474) (2,553,705) (2,591,024) (2,587,584) (2,591,024) (2,590,055) (2,637,331) (2,633,115) (2,620,965) (2,623,386)Loans and other liabilities 227,334 (247,036) (225,545) (230,081) (227,226) (227,904) (227,458) (226,728) (241,657) (239,826) (239,733) (240,932) (247,036) (244,093)By currency of denominationDomestic currency 2,903,676 (3,037,702) (2,960,825) (2,970,833) (3,000,042) (2,989,921) (3,010,276) (2,995,173) (3,020,494) (3,020,147) (3,070,428) (3,063,789) (3,037,702) (3,054,066)Foreign currency1,254 (1,141) (1,255) (1,252) (1,247) (1,250) (1,156) (1,153) (1,153) (1,151) (1,148) (1,150) (1,141) (1,143)By residence of the creditorDomestic creditors 1,997,714 (1,983,193) (2,010,635) (2,006,789) (2,001,105) (1,990,234) (1,994,076) (1,986,596) (1,990,694) (1,985,482) (2,010,921) (2,000,446) (1,983,193) ....Foreign creditors 907,216 (1,055,650) (951,445) (965,296) (1,000,184) (1,000,937) (1,017,357) (1,009,730) (1,030,953) (1,035,815) (1,060,655) (1,064,493) (1,055,650) ....Table 9 - (TCCE0375) -Central government debt: by original maturity, instrument, currency of denomination and residence of

The Public Finances: Borrowing Requirement and Debt Table 10 TCCE0250Local government debt: by subsector and instrumentRegions and autonomous provinces Provinces and metropolitan cities MunicipalitiesOtherentitiesLocaldebtof which: of which: of which:Securities MFI Securities MFI Securities MFI2024 .......................... 37,160 4,064 28,152 5,199 1,177 3,795 30,844 2,702 25,370 9,286 82,4882025 .......................... (35,471) (3,816) (27,083) (4,839) (1,033) (3,605) (29,464) (2,304) (24,511) (9,356) (79,130)2024 - Feb. ............... 37,960 4,320 28,670 5,399 1,316 3,860 31,298 3,071 25,633 9,722 84,378Mar................. 38,018 4,308 28,724 5,386 1,311 3,851 31,398 3,047 25,724 9,734 84,536Apr. ................ 37,998 4,306 28,725 5,386 1,310 3,850 31,421 3,039 25,784 9,729 84,535May................ 37,865 4,250 28,689 5,378 1,297 3,856 31,468 3,027 25,849 9,547 84,257June............... 37,933 4,194 28,596 5,345 1,248 3,847 31,516 2,885 25,822 9,341 84,135July ................ 37,817 4,192 28,589 5,278 1,241 3,801 31,011 2,865 25,424 9,322 83,427Aug. ............... 37,857 4,181 28,640 5,282 1,241 3,805 31,057 2,860 25,477 9,110 83,305Sept. .............. 37,809 4,168 28,607 5,295 1,236 3,823 31,275 2,835 25,635 9,191 83,570Oct. ................ 37,872 4,167 28,686 5,260 1,236 3,788 31,335 2,830 25,768 9,199 83,665Nov. ............... 37,789 4,108 28,660 5,257 1,223 3,799 31,307 2,823 25,791 9,365 83,717Dec. ............... 37,160 4,064 28,152 5,199 1,177 3,795 30,844 2,702 25,370 9,286 82,4882025 - Jan................. (37,104) (4,062) (28,186) (5,117) (1,170) (3,725) (30,760) (2,684) (25,365) (9,367) (82,348)Feb. ............... (37,068) (4,060) (28,155) (5,113) (1,170) (3,727) (30,895) (2,680) (25,531) (9,403) (82,478)Mar................. (36,993) (4,048) (28,115) (5,110) (1,165) (3,732) (31,028) (2,655) (25,669) (9,278) (82,409)Apr. ................ (36,998) (4,046) (28,113) (5,120) (1,163) (3,743) (31,033) (2,648) (25,678) (9,414) (82,565)May................ (36,938) (3,989) (28,183) (5,113) (1,163) (3,738) (31,150) (2,642) (25,797) (9,398) (82,598)June............... (36,306) (3,940) (27,593) (4,976) (1,089) (3,673) (30,191) (2,507) (24,955) (9,458) (80,931)July ................ (36,175) (3,938) (27,575) (4,942) (1,083) (3,655) (30,149) (2,489) (25,003) (9,583) (80,849)Aug. ............... (36,164) (3,926) (27,580) (4,937) (1,083) (3,650) (30,243) (2,485) (25,089) (9,304) (80,648)Sept. .............. (36,111) (3,914) (27,554) (4,926) (1,078) (3,645) (30,416) (2,460) (25,227) (9,417) (80,869)Oct. ................ (36,164) (3,912) (27,608) (4,908) (1,078) (3,626) (30,612) (2,456) (25,485) (9,386) (81,070)Nov. ............... (36,191) (3,852) (27,696) (4,911) (1,077) (3,629) (30,529) (2,452) (25,408) (9,585) (81,215)Dec. ............... (35,471) (3,816) (27,083) (4,839) (1,033) (3,605) (29,464) (2,304) (24,511) (9,356) (79,130)2026 - Jan................. (35,468) (3,814) (27,186) (4,775) (1,027) (3,555) (29,325) (2,288) (24,483) (9,768) (79,335)Table 10- (TCCE0250) - Local government debt: by subsector and instrument

The Public Finances: Borrowing Requirement and Debt Table 11 TCCE0275Local government debt: by geographical areaNorth-West North-East Centre South IslandsLocal2024 .............................................. 22,236 10,131 23,449 18,329 8,344 82,4882025 .............................................. (21,437) (9,593) (22,714) (17,471) (7,915) (79,130)2024 - Feb. ...................... 22,483 10,622 23,826 18,600 8,848 84,378Mar........................ 22,467 10,643 23,895 18,678 8,854 84,536Apr. ....................... 22,517 10,647 23,856 18,761 8,752 84,535May....................... 22,441 10,613 23,853 18,631 8,720 84,257June...................... 22,441 10,522 24,012 18,409 8,751 84,135July ....................... 22,105 10,280 23,748 18,696 8,598 83,427Aug. ...................... 22,180 10,278 23,680 18,585 8,583 83,305Sept. ..................... 22,167 10,329 23,795 18,674 8,605 83,570Oct. ....................... 22,191 10,470 23,748 18,633 8,623 83,665Nov. ...................... 22,128 10,466 23,897 18,634 8,593 83,717Dec. ...................... 22,236 10,131 23,449 18,329 8,344 82,4882025 - Jan........................ (22,170) (10,096) (23,444) (18,254) (8,383) (82,348)Feb. ...................... (22,233) (10,052) (23,493) (18,336) (8,365) (82,478)Mar........................ (22,261) (10,071) (23,393) (18,343) (8,342) (82,409)Apr. ....................... (22,233) (10,089) (23,481) (18,419) (8,343) (82,565)May....................... (22,302) (10,063) (23,460) (18,404) (8,369) (82,598)June...................... (21,823) (9,768) (23,178) (18,022) (8,140) (80,931)July ....................... (21,831) (9,718) (23,107) (18,043) (8,150) (80,849)Aug. ...................... (21,698) (9,768) (22,989) (17,984) (8,209) (80,648)Sept. ..................... (21,828) (9,774) (22,995) (18,111) (8,162) (80,869)Oct. ....................... (21,814) (9,799) (23,080) (18,200) (8,178) (81,070)Nov. ...................... (22,054) (9,862) (23,084) (18,090) (8,126) (81,215)Dec. ...................... (21,437) (9,593) (22,714) (17,471) (7,915) (79,130)2026 - Jan........................ (21,549) (9,690) (22,811) (17,367) (7,920) (79,335)Table 11- (TCCE0275) - Local government debt: by geographical area

The Public Finances: Borrowing Requirement and Debt Table 12 TCCE0300General government debt, deposits and other assetsGeneraldebtTreasury’s liquid balancesGeneralnet of Treasury’s liquid balancesDeposits held with other residentMFIsLoans to euro - area member States (bilateral or through EFSF)Contribution to ESM paid-in capitalof which: Deposits held with the Bank of Italy(excluding Sinking fund)Sinking fund for the redemption of Investments of liquidityof which: through EFSFof which: Treasury payments accountOther deposits2024 ............. 2,966,915 37,612 5,709 4,744 965 208 31,694 2,929,303 37,893 41,503 35,526 14,2882025 ............. (3,095,522) (52,352) (14,628) 13,243 (1,385) (49) (37,676) (3,043,170) (48,417) (40,442) (35,470) (14,288)2024 - Feb.... 2,878,217 42,780 32,821 31,877 943 1,545 8,415 2,835,437 38,640 42,813 35,332 14,288Mar. ... 2,900,679 38,621 8,114 7,022 1,091 45 30,463 2,862,058 36,261 42,837 35,357 14,288Apr..... 2,911,709 32,138 15,017 13,842 1,175 45 17,076 2,879,572 38,576 42,862 35,381 14,288May ... 2,924,853 31,882 9,004 7,887 1,117 45 22,833 2,892,971 40,325 42,887 35,406 14,288June .. 2,954,423 45,422 6,644 5,551 1,093 45 38,733 2,909,001 37,367 42,912 35,431 14,288July.... 2,951,302 45,406 5,628 4,617 1,011 208 39,570 2,905,896 37,715 42,938 35,457 14,288Aug.... 2,963,133 65,167 9,151 8,162 989 208 55,808 2,897,966 37,601 42,902 35,421 14,288Sept... 2,962,913 40,280 5,300 4,401 900 208 34,772 2,922,633 37,952 42,927 35,446 14,288Oct. ... 2,981,934 42,966 10,663 9,741 922 208 32,094 2,938,968 38,171 42,954 35,473 14,288Nov.... 3,005,922 63,902 16,941 16,015 926 208 46,753 2,942,020 38,755 42,980 35,499 14,288Dec.... 2,966,915 37,612 5,709 4,744 965 208 31,694 2,929,303 37,893 41,503 35,526 14,2882025 - Jan. ... (2,981,488) (49,932) (13,510) 12,477 (1,034) (218) (36,203) (2,931,556) (39,386) (41,530) (35,552) (14,288)Feb.... (3,023,890) (76,136) (10,994) 10,042 (953) (218) (64,923) (2,947,755) (41,136) (41,283) (35,305) (14,288)Mar. ... (3,033,486) (62,197) (7,863) 6,962 (901) (218) (54,115) (2,971,290) (40,290) (41,310) (35,333) (14,288)Apr..... (3,062,878) (69,416) (17,062) 15,987 (1,076) (218) (52,136) (2,993,462) (40,777) (41,337) (35,360) (14,288)May ... (3,053,092) (46,168) (13,245) 12,052 (1,193) (1,877) (31,046) (3,006,924) (42,359) (41,366) (35,388) (14,288)June .. (3,071,278) (46,972) (4,761) 3,640 (1,122) (1,877) (40,334) (3,024,306) (44,973) (41,394) (35,416) (14,288)July.... (3,056,025) (46,786) (8,747) 7,624 (1,123) (1,887) (36,152) (3,009,239) (45,235) (41,423) (35,445) (14,288)Aug.... (3,081,339) (72,100) (8,831) 7,537 (1,293) (1,887) (61,383) (3,009,239) (45,580) (41,390) (35,412) (14,288)Sept... (3,080,943) (45,431) (7,212) 5,873 (1,339) (49) (38,170) (3,035,512) (46,454) (41,418) (35,440) (14,288)Oct. ... (3,130,906) (77,187) (20,782) 16,337 (4,445) (49) (56,357) (3,053,719) (47,822) (41,448) (35,470) (14,288)Nov.... (3,124,204) (64,396) (6,152) 4,695 (1,457) (49) (58,196) (3,059,808) (49,895) (41,448) (35,470) (14,288)Dec.... (3,095,522) (52,352) (14,628) 13,243 (1,385) (49) (37,676) (3,043,170) (48,417) (40,442) (35,470) (14,288)2026 - Jan. ... (3,112,287) (61,872) (6,467) 5,143 (1,324) (58) (55,348) (3,050,414) (50,320) (40,442) (35,470) (14,288)Table 12- (TCCE0300) - General government debt, deposits and other assets

Methodological appendixMethodological appendixGeneral indicationsThis monthly publication reports data on the debt and borrowing requirement of general government andits subsectors (central government, local government, and social security institutions). It also providesinformation on the average residual maturity of debt, on debt holders, and on the Treasury’s liquidbalances (deposits held with the Bank of Italy, the sinking fund for the redemption of governmentsecurities, and investments of liquidity). The data are published with a delay of approximately 45 dayswith respect to the end of the reference period (usually, data referring to month t-2 are published on theth day of month t). The estimate of the government debt is obtained mainly by using the supervisoryreports submitted by monetary and financial institutions and the securities database. General government debt. – The general government debt is computed according to the statistical criteria defined in the framework of the Excessive deficit procedure (so-called ‘Maastricht debt’). Basedon these criteria: i) the financial instruments considered for the computation of government debt arecurrency, deposits, securities other than equity, and loans; ii) these instruments are considered at facevalue; iii) government debt is consolidated between and within subsectors, i.e. liabilities towards generalgovernment units are excluded from the calculation (e.g. government securities held by social securityinstitutions). Liabilities are attributed to the subsector (central government, local government, social securityinstitutions) of the actual debtor (that is, the unit which is liable for the repayment) rather than to thesubsector of the entities receiving the financing. The valuation of liabilities accounts for possible swapoperations. As regards public debt holders, sovereign debt securities bought under the Eurosystem’smonetary policy asset purchase programmes are accounted for in the “Bank of Italy” series (if purchasedby the Bank) or in the “non-residents” series (if purchased by the ECB or by the other Eurosystem nationalcentral banks).General government borrowing requirement. – The general government borrowing requirement is an indicator of the overall dynamics of public accounts in cash terms and over a certain time interval. Debtand borrowing requirement are related by the following identity:1. The list of general government units is updated and published annually by Istat.2. For a detailed description of the methodology used for the estimate of the Italian government debt, see Inventory of the methods, procedures and sources used for the compilation of deficit and debt data and the underlying government sectoraccounts according to ESA 2010 - Italy, July 2020. 3. See Council Regulation No 479/2009 on the application of the Protocol on the excessive deficit procedure annexed to theTreaty establishing the European Community. Net borrowing (computed by Istat) and the Maastricht debt are the two keyindicators within the excessive deficit procedure of the European Union. The methodology for the implementation of CouncilRegulation No 479/2009 is defined by Eurostat in the Manual on General Government Deficit and Debt. 4. For example, a loan granted to a Region, but with repayment by the State, is attributed to the central government subsector. 5. For example, the valuation of a foreign currency-denominated liability underlying a cross-currency swap reflects the forwardexchange rate predetermined by the contract.6. Securities market programme (SMP), public sector purchase programme (PSPP) and pandemic emergency purchaseprogramme (PEPP).

The borrowing requirement is thus equal to the difference between the change in debt and the change inthe Treasury’s liquid balances, accounting for the different valuation criteria used for the two aggregates.In particular: i) for the assessment of the borrowing requirement, liabilities are considered net of discountsor premiums at issuance and at face value at redemption, whereas face value is always used in the caseof debt; ii) liabilities in foreign currency are converted to euros at the exchange rate of the transactionsettlement date in the case of the borrowing requirement, whereas in the case of debt they are convertedusing the end-of-period exchange rate; iii) for the borrowing requirement, indexed securities are revaluedat redemption, whereas for debt the revaluation is imputed periodically.Transactions with other general government subsectors contribute to the central government borrowingrequirement. Therefore, the borrowing requirements of local government entities and social securityinstitutions include only those financing needs which are in addition to State transfers and are financedwith loans or debt securities. * * * * *The first three tables in this publication relate to the borrowing requirement. They show information aboutthe formation of the central government borrowing requirement, starting from the State budget balance forboth current and capital account items (Table 1) and about the breakdown of the general governmentborrowing requirement by instrument (Table 2) and by subsector (Table 3). The other tables relate to government debt. In particular, they show the debt breakdown by: i) instrument(Table 4); ii) holding sector, with a separate indication of the securities component (Table 5); iii) generalgovernment subsector (Table 6); iv) residual maturity, with an indication of the variable rate componentand of the average residual maturity (Table 7); and v) original maturity, instrument, currency ofdenomination and residence of the creditors (Tables 8 and 9). With specific reference to the localgovernment debt, this publication shows the breakdown by level of government and instrument (Table10), and by geographical area (Table 11). Finally, Table 12 provides information about some componentsof the general government financial assets. In particular, it shows data on the Treasury’s liquid balances(deposits held with the Bank of Italy, the sinking fund for the redemption of government securities, andinvestments of liquidity), on the deposits held by general government units with monetary and financialinstitutions, on the Italian share of the financial support to other euro-area countries (loans – grantedeither bilaterally or via the European Financial Stability Facility – and the contribution to EuropeanStability Mechanism paid-in capital). 7. With the exception of BOTs, CTZs, and commercial paper. BOTs are considered at face value both at issuance and atredemption. CTZs and commercial papers are valued net of discounts and premiums both at issuance and at redemption. 8. Financing instruments include currency, deposits, securities, loans, and "other liabilities" related to specific operations (e.g.securitizations, public-private partnerships, trade credits assigned without recourse to financial intermediaries) which,according to the EU statistical rules, ought to be included in the government debt. These "other liabilities" also include theItalian share of loans granted to other euro-area countries via the European Financial Stability Facility.

The following acronyms are used in this publication:• MFI – Monetary financial institutions: they include central banks, banks, money market funds, andother resident monetary financial institutions, whose business is to take deposits (or close substitutes ofdeposits) and to grant credit or to invest in securities on their own account. MFIs also include ElectronicMoney Institutions (EMI) and, since September 2006, Cassa depositi e prestiti SpA.• CDP – Cassa depositi e prestiti SpA: until 2003, a public entity controlled by the Ministry of Economy and Finance and included in the general government sector. In December 2003, CDP was transformedinto a corporation (see the box “The transformation of Cassa Depositi e Prestiti into a company limitedby shares: the impact on the public debt” in Economic Bulletin, 38, 2004) and classified in the “other financial institution” sector; since September 2006, CDP has been included in the MFI sector. • EFSF – European Financial Stability Facility: temporary facility created with an EU Council decision on 9 May 2010 with the aim of safeguarding the financial stability of the euro area. From a legal point ofview, it is a special purpose vehicle headquartered in Luxembourg. The necessary resources areprovided through the issuance and placement on the market of bonds backed by a guarantee from euro-area countries, according to their ECB capital key.• ESM – European Stability Mechanism: permanent European mechanism for crisis management, the establishment of which was agreed by the European Council on 28-29 October 2010 and completed on11July 2011 with the signing of the Treaty establishing it by the 17 countries then belonging to the euroarea (subsequently amended on 2 February 2012). It became operational in October 2012 and graduallyreplaced the EFSF. For notes to the tables, see: Methods and Sources: Methodological notes. 9. Loans from CDP to general government units are recorded net of the share not yet disbursed (against which a deposit infavour of the debtor is imputed in CDP’s balance sheet).

‘Statistics’ series publications are available on the Bank of Italy’s site: http://www.bancaditalia.it/statistiche/ Requests for clarifications concerning data contained in this publication can be sent by e-mail tostatistiche@bancaditalia.itPublication not subject to registration pursuant to Article 3 bis of Law 103/2012