, and that potential customers are in the best position to understand the price and extent of coverage and other conditions, is important not only in the name of fairness, but also in order to guarantee that market competition functions effectively. insurance education and transparency : at ivass, we are committed to contributing to both these aims, within our mandate, as best we can. 9 see initiatives on the draft framework law on post - disaster reconstruction. see guiso l. and jappelli t., ‘ are people willing to pay to prevent natural disasters? ’ csef, working paper no. 723, june 2024. on the domestic front, ivass participate in the work of the sustainable finance table at the mef, of which consob, covip, mimit and mase are also members. there, among other things, the bank has promoted the establishment of a working group on the insurance protection gap ( ipg ) to enhance the role of insurance companies as providers of protection for businesses and households against physical risks arising from natural disasters and climate change. at the international level, ivass is working on the european commission's project called ‘ technical support instrument 2023 - flagship esg risk management framework for the financial sector ’. as part of this project, in - depth studies will be conducted on the causes of low insurance coverage against natural disasters in italy, and possible prevention measures and policy recommendations will be identified to close our protection gap. finally, ivass contributes to the debate on the insurance protection gap taking place in the international insurance and non - insurance cooperation fora of which it is a member : the iais, the network for greening the financial system ( ngfs ), the sustainable insurance forum ( sif ) and the forum for insurance transition to net zero ( fit ).

from the crisis that buffeted its economy and banking sector. state intervention is much more limited in italy than in almost all other european countries, helping to remove the market ’ s perception of a risk considered high for the entire banking system. the costs for the public purse will be reduced by burden sharing among equity holders and subordinated bond holders. it will be possible to offset them against the proceeds of future sales of shareholdings. a necessary condition for benefiting from public precautionary recapitalization is the approval by the european commission of a restructuring plan drawn up by the bank. the injection of public funds into banca monte dei paschi di siena will presumably use up about a third of the €20 billion set aside by the government. there is more than enough room to address the recapitalization needs of any other italian banks that meet the conditions laid down in the decree, in the first place those relating to the results of a stress test. however, for other measures to be implemented the banks must be willing to apply for public support and to deal with the ensuing commitments. following the capital strengthening carried out under the fondo atlante, the senior management of banca popolare di vicenza and of veneto banca have been drawing up an industrial plan for their further recapitalization and relaunch, which will soon be presented to the supervisory authorities. the feasibility of a merger will be examined with a view to achieving cost savings and synergies capable of ensuring a return to profitability. the challenges for the banking system aside from the difficulties of some banks in particular, the banking system as a whole is called on to face new and demanding technological and market - related challenges, on which we have often reflected. this is not only a necessity for italy : a return to higher and lasting profits is a must for all european banks. the way in which branch networks are structured, services provided, and technologies used, must all be reviewed in a bold and innovative spirit. value creation in the banking industry has changed and continues to do so ; italian banks can no longer put off much needed restructurings and strategic reviews. only in this way can they continue to successfully attract investors ; only then can they continue to compete effectively and maintain their stability. in some cases capital strengthening on the market will need to continue, as is already happening for some large banks ; experience has shown that if requests for new capital are based on clear, ambitious and, at the