With decree n. 343 of 03 August 2016, the Interministerial Committee for Credit and Savings (ICRC) issued the expected resolution on bank anatocism, implementing art. 120 paragraph 2 of the T.U.B.

From 1 October 2016 it is forbidden for credit institutions to apply anatocism except for defaulting bank interest. The bank, therefore, will have to apply the interest rate only to the residual capital, without adding to it the previously expired interests.

The new legislation on compound interest, issued in compliance with the provisions of the "Banking Decree" of February 2016, applies to debit interest accrued on savings and credit operations, including credit card loans. . Therefore, there are both current account credit lines - including credit and document advance transactions - and overdrafts, and even existing contracts will have to comply with clauses that are compliant with the new banking Consolidation Act (as amended by the Banking Decree of the last February).