Introduction sectionCash Management

Cash Management

The so-called Treasury Cash Account is the account held by the Italian Treasury at the Bank of Italy in which incoming and outgoing payments of the Central Government and of most of the other Public Administrations converge. Since 2007, the amount available in the Cash Account, that represent the Treasury liquidity, is managed through Cash management operations. These operations are aimed at a more efficient allocation of financial resources, also taking into account the European Central Bank monetary policy guidelines whose goal is to monitor an important autonomous liquidity factor in the Eurosystem.

Cash management consists of money market operations (mainly deposits to financial intermediaries or liquidity provided by financial intermediaries to the Treasury) through daily auctions and/or bilateral transaction, generally conducted from the Bank of Italy on behalf of the Treasury (so-called OPTES operations). The Treasury can also conduct financial transactions on its own.

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