Bank of Italy calls banks to set aside 1% systemic risk buffer

MILAN, April 26 (Reuters) - Banks in Italy will have to set aside extra cash to cover systemic risks, the Italian central bank said on Friday.

The systemic risk buffer will amount to 0.5% of domestic assets weighted for credit and counterparty risks by the end of 2024, with a further 0.5% to be added by June 30, 2025.

The central bank, which launched a public consultation on this topic in March, said in a statement it would review the reserve capital requirement at least every two years, even more often if necessary. (Reporting by Alessia Pe, editing by Gianluca Semeraro)