Introduction sectionLocal debt monitoring

Local debt monitoring

Local debt monitoring

Article 41, “Local Authorities' Finance”, of Law no. 448 of 28 December 2001 (2002 Financial Law) provides the MEF's coordination of local and regional authorities access to capital market so as to contain debt costs and monitor public finance trends, also establishing that they must periodically provide the MEF with data on their mortgages, bonds and derivative transactions.

 

Decree no. 389 of 1 December 2003, which adopts the Regulation containing the implementation rules of the mentioned Law (published in Official Gazette no. 28 of 4 February 2004), defines the procedures that local and regional authorities must follow to access to capital market and to transmit the data regarding their debt.

 

The subsequent MEF's circular of 27 May 2004 (published in Official Gazette no. 128 of 3 June 2004) provides further guidelines regarding the cited Regulation. Following the positive opinion of the Unified Conference [State, Regions and Local Authorities] (session of 29 April 2004, proceedings 732/CU of the Presidency of the Council of Ministers), with the Director's Decree of 3 June 2004 (published in Official Gazette no. 168 of 20 July 2004) the excel models for local debt monitoring were approved.

 

CEAM

In 2008 Directorate II began the IT procedure CEAM (Communications from local and regional authorities for monitoring and access to the capital market) for the collection and transmission by local and regional authorities of the data regarding their debt and for their elaboration and aggregation by the Treasury Department. This IT procedure – which has gradually and definitively replaced the excel models – provided for the sending of data through the WEB interface, entering the data directly on the Public Debt website (in the part dedicated to local and regional authorities) with a guided and controlled procedure: the data to be entered was in any case the same as provided for in the excel forms approved by the Unified Conference.

 

GEDI

From May 2020, Directorate II has replaced the CEAM procedure with the GEDI procedure, a new IT procedure for the Italian public debt management. Local and regional authorities may access to GEDI procedure from the Treasury Department website to carry out the transmission of data regarding their debt (mortgages, bonds and derivative transactions).

 

Mortgages granted to local and regional authorities by Cassa Depositi e Prestiti S.p.A. are excluded from the transmission, as these loans are part of a specific communication by the same Cassa Depositi e Prestiti to Directorate II. Therefore local and regional authorities having mortgages contracts exclusively with Cassa Depositi e Prestiti are required to send a simple message, using the model present in GEDI system called "Declaration of indebtedness for only mortgages with Cassa DD.PP. SPA".

 

After the first transmission of data, local and regional authorities communicate – by the 15th of February, May, August and November – exclusively the data relating to new mortgages and bonds or changes on what has already been transmitted (renegotiations, early terminations, derivative transactions).

 

ACCESS TO THE CAPITAL MARKET

Pursuant to article 1, paragraphs 2 and 3, of the Ministerial Decree no. 389 of 1 December 2003, local and regional authorities communicate in advance, to Office IV, the characteristics of the medium/long-term financing operations of an amount equal to or greater than 100 million euro which they intend to carry out.

 

The communication may be sent alternately to:
accesso.mercati@mef.gov.it
dipartimento.tesoro@pec.mef.gov.it

 

The ten days for the formation of the silent assent start from the notification of receipt of the message by the Office IV.

 

COMPETENT OFFICE

Ministry of Economy and Finance
Treasury Department
Directorate II
Office IV
Via XX Settembre, 97 - 00187 Rome

 

FOR MORE INFORMATION

For IT support, the e-mail is: assistenza.gedidebitolocale@mef.gov.it
For specific information, the e-mail is: dt.direzione2.ufficio4@mef.gov.it

 

Maria Alessandra Fabi e-mail: malessandra.fabi@mef.gov.it - tel. 06/47616092
Loredana Fiorindo e-mail: loredana.fiorindo@mef.gov.it - tel. 06/47616095
Marina Panichi e-mail: marina.panichi@mef.gov.it - tel. 06/47613164
Giovanni Pasciuto e-mail: giovanni.pasciuto@mef.gov.it - tel. 06/47614831
Pietro Racca e-mail: pietro.racca@mef.gov.it - tel.06/47613134
Antonella Lilli e-mail: antonella.lilli@mef.gov.it - tel.06/47614

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