Hence universal banks can operate free of maturity constraints and carry on all the financial operations that are not restricted by law. Prudential supervision regulates maturity transformation and sets limits to banks' industrial share holding. The benchmark is defined as the latest issue as soon as it records the largest turnover. Interest rates refer to a sample of banks currently utilized by Banca d'Italia. Monthly data are period averages of daily yields.
Calculations use market or auction prices plus accrued interests.
All figures are considered before taxation. Secondary market yields use data on prices and traded quantities disseminated by the market. The source of the data is the 10-day sample survey introduced in January 1995. As regards secondary market yields on government bonds, for each category figures are computed as yield to maturities of a notional bond which at each date pays the sum of the cash-flows paid at that date by the bonds belonging to the category. For Rendistato, average of effective yeilds at maturity of the securities in the basket, weighted by the amount in issue.