A COMMUNITY STRATEGY TO PROTECT THE EURO PROGRAMMA PERICLES BANCA D ITALIA

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1 A COMMUNITY STRATEGY TO PROTECT THE EURO PROGRAMMA PERICLES BANCA D ITALIA Rome, 30 November 1 December 2009

2 Regulation (EC) No. 1338/2001 layng down measures for the protection of the euro against counterfeiting - art. 6 - OBLIGATIONS OF CREDIT INSTITUTIONS Credit institutions, and any other institutions engaged in the sorting and distribution to the public of notes and coins as a professional activity (the so called professional cash handlers ) shall be obliged to withdraw from circulation all euro notes and coins received by them which they know or have sufficient reason to believe to be counterfeit. They shall immediately hand them over to the competent national authorities.

3 Regulation (EC) No. 1338/ art. 6 - The Italian implementation Law Decree 350 of 25 September 2001 (art. 8) (ratified by Law 409 of 23 November 2001) dealing with urgent measures in view to the introduction of the euro designates the Bank of Italy (for banknotes» NAC) and the Italian Mint (for coins» CNAC) as the institutions to which false notes and coins respectively should be sent the Bank of Italy and the Ministry for the Economy and Finance can issue provisions to ensure compliance with the withdrawal criteria non-compliance with the withdrawal criteria is sanctioned by a fine of 3,000-15,000. Fines are imposed by the Governor of the Bank of Italy (for banknotes) and the Ministry for the Economy and Finance (for coins)

4 Regulation (EC) No. 1338/ art. 6 - The Italian implementation for banknotes Bank of Italy Regulation of 21 January 2001 (replaced on 4 September 2009) implementation of art. 8 of Law Decree 350/2001, on the withdrawal from circulation and consignment to the Bank of Italy of euro banknotes suspected of being counterfeit for coins Decree 1 March 2002 Ministry of Economy and Finance implementation of art. 8 of Law Decree 350/2001, on the withdrawal from circulation and consignment to the Italian Mint of euro coins suspected of being counterfeit

5 COUNCIL REGULATION (EC) No. 44/2009 amending REGULATION (EC) No. 1338/2001 laying down measures necessary for the protection of the euro against counterfeiting OBLIGATIONS RELATING TO CREDIT INSTITUTIONS ENGAGED IN THE PROCESSING AND DISTRIBUTION TO THE PUBLIC OF NOTES AND COINS amendment Shall be obliged to ensure that euro notes and coins which they received and which they intend to put back into circulation are checked for authenticity and that counterfeits are detected For euro notes, this check shall be carried out in line with procedures defined by the ECB

6 Recycling of Euro banknotes for the detection of counterfeits and fitness sorting by credit institutions and other professional cash handlers Governing Council 16 December 2004 The Italian implementation Bank of Italy Regulation of 29 November 2006 establishing provisions for the supervision of payment system as regards cash handling Bank of Italy Regulation of 4 May 2007 issued supervisory rules for banks on the outsourcing of cash handling activities, laying down organisational requirements and checks to be adopted to ensure an adequate service

7 Developments COUNCIL REGULATION (CE) NO. 44/2009 Under preparation (for banknotes): DECISION OF THE EUROPEAN CENTRAL BANK on the authenticity and fitness checking and recirculation of euro banknotes Way forward To amend the Law Decree No. 350/2001 and the consequent Bank of Italy Regulations

8 THANK YOU FOR YOUR ATTENTION! Tiziana Torres BANCA D ITALIA National Analysis Centre National Counterfeit Centre tiziana.torres@bancaditalia.it