Interconnectedness in the Italian financial sector: banks, investment funds and insurance companies

descrizione

The study describes the interconnectedness between Italian banks, insurance companies, investment funds, and the real economy over the period 2019-2025. It considers both direct exposures and indirect links arising from common counterparties or economic sectors. The analysis shows that banks are mainly exposed to households and non-financial corporations, while lending to insurers and funds remains limited. Insurance companies primarily hold investment fund shares, whereas funds mainly invest in securities issued by non-financial firms.

issue date

28 July 2026