At the beginning of 2007, the Capital Requirements Directive (CRD), acknowledged by the Bank of Italy with Circular Letter no. 263/2006, entered into force as the fundamental framework for the implementation of the Basel 2 regulations in the European Union.
The directive requires that financial institutions publish data relating to capital and risk management according to the rules of Pillar 3. Specifically, Pillar 3 provides for a set of rules aimed at improving the financial institutions’ ability to define and present their capital structure, risk exposure, risk hedging policies and, therefore, their capital adequacy as a whole.