Exhibit 1
Recent Developments Update dated January 28, 2013
The information included in this section replaces and/or supplements the information about the Republic of Italy that is contained in Exhibit 1 to the Republic’s annual report on Form 18-K, for the fiscal year ended December 31, 2011. To the extent that the information included in this section differs from the information set forth in the annual report, you should rely on the information in this section.
Summary Information – The Italian Political System
On December 21, 2012, the Prime Minister Mr. Mario Monti presented his resignation to the President of the Republic Mr. Giorgio Napolitano. President Giorgio Napolitano accepted the resignation of Mr. Monti. On December 22, 2012, President Napolitano signed a decree to dissolve the two chambers of Parliament. General elections will be held on February 24 and 25, 2013.
The main political parties or coalitions that will participate in the general elections are (i) a center-right coalition led by Mr. Silvio Berlusconi, (ii) a center-left coalition led by Mr. Pier Luigi Bersani and (iii) a center coalition led by Mr. Monti.
The Italian Economy – Measures to Address the Global Financial Crisis – Measures adopted in 2012
On December 24, 2012, the Italian Parliament approved the draft stability law for 2013 through Law No. 228 of December 24, 2012 and approved the draft budget law for 2013/2015 through Law No. 229 of December 24, 2012. In addition, on the same date, the Italian Parliament enacted a law to implement the Constitutional balanced budget requirement through Law No. 243 of December 24, 2012 (“Law No. 243”). Law No. 243 will enter into force starting from fiscal year 2014.
External Bonds of the Treasury
External Bonds of the Treasury as of December 31, 2012
The following table shows the external bonds of the Treasury issued and outstanding as of December 31, 2012.
Original Currency | Interest Rate | Initial Public Offering Price (%) | Date of Issue | Maturity Date | Amount Outstanding | Equivalent in Euro | ||||||||||||||
United States Dollar(1)(*) | ||||||||||||||||||||
$3,500,000,000 | 6.875 | % | 98.73 | September 27, 1993 | September 27, 2023 | $ | 3,500,000,000 | € | 2,652,720,934 | |||||||||||
$2,000,000,000 | 4.375 | % | 99.69 | February 27, 2003 | June 15, 2013 | $ | 2,000,000,000 | € | 1,515,840,534 | |||||||||||
$2,000,000,000 | 5.375 | % | 98.44 | February 27, 2003 | June 15, 2033 | $ | 2,000,000,000 | € | 1,515,840,534 | |||||||||||
$4,000,000,000 | 4.50 | % | 99.41 | January 21, 2005 | January 21, 2015 | $ | 4,000,000,000 | € | 3,031,681,067 | |||||||||||
$2,000,000,000 | 4.75 | % | 99.34 | January 25, 2006 | January 25, 2016 | $ | 2,000,000,000 | € | 1,515,840,534 | |||||||||||
$3,000,000,000 | 5.25 | % | 99.85 | September 20, 2006 | September 20, 2016 | $ | 3,000,000,000 | € | 2,273,760,800 | |||||||||||
$2,000,000,000 | 5.38 | % | 99.37 | June 12, 2007 | June 12, 2017 | $ | 2,000,000,000 | € | 1,515,840,534 | |||||||||||
$2,500,000,000 | 2.13 | % | 99.85 | October 5, 2009 | October 5, 2012 | $ | 2,500,000,000 | € | 1,894,800,667 | |||||||||||
$2,500,000,000 | 3.13 | % | 99.672 | January 26, 2010 | January 26, 2015 | $ | 2,500,000,000 | € | 1,894,800,667 | |||||||||||
$2,000,000,000 | 2.13 | % | 99.74 | September 16, 2010 | September 16, 2013 | $ | 2,000,000,000 | € | 1,515,840,534 | |||||||||||
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$ | 27,000,000,000 | € | 19,326,966,803 | |||||||||||||||||
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Euro(2) | ||||||||||||||||||||
€60,000,000 | Floating | 99.61 | October 8, 1998 | October 8, 2018 | € | 60,000,000 | € | 60,000,000 | ||||||||||||
€300,000,000 | Floating | 101.43 | October 15, 1998 | October 15, 2018 | € | 300,000,000 | € | 300,000,000 | ||||||||||||
€1,000,000,000 | 4.00 | % | 99.95 | May 6, 1999 | May 6, 2019 | € | 1,000,000,000 | € | 1,000,000,000 | |||||||||||
€1,000,000,000 | Floating | 101.60 | June 28, 1999 | June 28, 2029 | € | 905,000,000 | € | 905,000,000 | ||||||||||||
€1,000,000,000 | Floating | 100.75 | August 30, 1999 | August 30, 2019 | € | 1,000,000,000 | € | 1,000,000,000 | ||||||||||||
€150,000,000 | Zero Coupon | 100.00 | February 20, 2001 | February 19, 2031 | € | 150,000,000 | € | 150,000,000 | ||||||||||||
€3,000,000,000 | 5.750 | % | 100.04 | July 25, 2001 | July 25, 2016 | € | 3,000,000,000 | € | 3,000,000,000 | |||||||||||
€150,000,000 | Floating | 100.00 | April 26, 2004 | April 26, 2019 | € | 150,000,000 | € | 150,000,000 | ||||||||||||
€300,000,000 | Floating | 100.00 | May 31, 2005 | May 31, 2035 | € | 300,000,000 | € | 300,000,000 | ||||||||||||
€720,000,000 | 3.83 | % | 100.00 | June 2, 2005 | June 2, 2029 | € | 720,000,000 | € | 720,000,000 | |||||||||||
€395,000,000 | 3.523 | % | 100.00 | June 2, 2005 | June 2, 2030 | € | 395,000,000 | € | 395,000,000 | |||||||||||
€200,000,000 | Floating | 100.00 | June 8, 2005 | June 8, 2020 | € | 200,000,000 | € | 200,000,000 | ||||||||||||
€2,500,000,000 | Floating | 100.00 | June 15, 2005 | June 15, 2020 | € | 2,500,000,000 | € | 2,500,000,000 | ||||||||||||
€300,000,000 | Floating | 100.00 | June 28, 2005 | June 28, 2021 | € | 300,000,000 | € | 300,000,000 | ||||||||||||
€200,000,000 | Floating | 100.00 | November 9, 2005 | November 9, 2025 | € | 200,000,000 | € | 200,000,000 | ||||||||||||
€900,000,000 | Floating | 99.38 | March 17, 2006 | March 17, 2021 | € | 900,000,000 | € | 900,000,000 | ||||||||||||
€1,000,000,000 | Floating | 99.85 | March 22, 2006 | March 22, 2018 | € | 1,000,000,000 | € | 1,000,000,000 | ||||||||||||
€192,000,000 | Zero Coupon | 100.00 | March 28, 2006 | March 28, 2036 | € | 192,000,000 | € | 192,000,000 | ||||||||||||
€300,000,000 | Floating | 100.00 | March 30, 2006 | March 29, 2026 | € | 300,000,000 | € | 300,000,000 | ||||||||||||
€215,000,000 | Floating | 100.00 | May 11, 2006 | May 11, 2026 | € | 215,000,000 | € | 215,000,000 | ||||||||||||
€1,000,000,000 | | 1.85 Inflation | % | 99.80 | January 5, 2007 | September 15, 2057 | € | 1,107,000,000 | € | 1,107,000,000 | ||||||||||
€250,000,000 | | 2.00 Inflation | % | 99.02 | March 30, 2007 | September 15, 2062 | € | 277,000,000 | € | 277,000,000 | ||||||||||
€160,000,000 | 4.49 | % | 99.86 | April 5, 2007 | April 5, 2027 | € | 160,000,000 | € | 160,000,000 | |||||||||||
€500,000,000 | | 2.20 Inflation | % | 98.86 | January 23, 2008 | September 15, 2058 | € | 544,220,000 | € | 544,220,000 | ||||||||||
€258,000,000 | 5.26 | % | 99.79 | March 16, 2009 | March 16, 2026 | € | 258,000,000 | € | 258,000,000 | |||||||||||
€300,000,000 | 3.00 | % | 99,733 | May 29, 2009 | November 29, 2013 | € | 300,000,000 | € | 300,000,000 | |||||||||||
€250,000,000 | 4.85 | % | 98.50 | June 11, 2010 | June 11, 2060 | € | 250,000,000 | € | 250,000,000 | |||||||||||
€125,000,000 | 4.10 | % | 99.46 | September 6, 2010 | November 1, 2023 | € | 125,000,000 | € | 125,000,000 | |||||||||||
€125,000,000 | 4.20 | % | 99.38 | September 6, 2010 | March 3, 2025 | € | 125,000,000 | € | 125,000,000 | |||||||||||
€250,000,000 | 2.75 | % | 99.85 | November 11, 2010 | November 11, 2018 | € | 250,000,000 | € | 250,000,000 | |||||||||||
€125,000,000 | 2.85 | % | 99.90 | November 22, 2010 | November 22, 2014 | € | 125,000,000 | € | 125,000,000 | |||||||||||
€250,000,000 | 3.70 | % | 99.66 | November 22, 2010 | May 22, 2018 | € | 250,000,000 | € | 250,000,000 | |||||||||||
€125,000,000 | 3.75 | % | 99.89 | November 22, 2010 | September 1, 2018 | € | 125,000,000 | € | 125,000,000 | |||||||||||
€150,000,000 | 3.80 | % | 99.65 | December 23, 2010 | January 23, 2017 | € | 150,000,000 | € | 150,000,000 | |||||||||||
€150,000,000 | 4.45 | % | 99.40 | December 23, 2010 | December 12, 2021 | € | 150,000,000 | € | 150,000,000 | |||||||||||
€517,000,000 | | 2.85 Inflation | % | 99.482 | January 4, 2011 | September 1, 2022 | € | 517,000,000 | € | 517,000,000 | ||||||||||
€450,000,000 | 4.45 | % | 99.59 | February 26, 2011 | August 24, 2020 | € | 450,000,000 | € | 450,000,000 | |||||||||||
€2,156,000,000 | 6.58 | % | 100 | July 1, 2011 | December 31, 2027 | € | 2,156,000,000 | € | 2,156,000,000 | |||||||||||
€250,000,000 | 5.00 | % | 99.196 | September 22, 2011 | September 22, 2017 | € | 250,000,000 | € | 250,000,000 | |||||||||||
€230,000,000 | | 4.20 Inflation | % | 100 | February 1, 2012 | July 25, 2042 | € | 230,000,000 | € | 230,000,000 | ||||||||||
€437,500,000 | 3.66 | % | 100 | February 13, 2012 | December 31, 2026 | € | 437,500,000 | € | 437,500,000 | |||||||||||
€300,000,000 | Zero Coupon | 99.78 | September 25, 2012 | January 25, 2013 | € | 300,000,000 | € | 300,000,000 | ||||||||||||
€300,000,000 | Zero Coupon | 99.78 | September 25, 2012 | January 25, 2013 | € | 300,000,000 | € | 300,000,000 | ||||||||||||
€100,000,000 | Zero Coupon | 99.71 | October 10, 2012 | February 21, 2013 | € | 100,000,000 | € | 100,000,000 | ||||||||||||
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€ | 22,723,720,000 | € | 22,723,720,000 | |||||||||||||||||
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Euro Ispa Bonds(3) |
1
Original Currency | Interest Rate | Initial Public Offering Price (%) | Date of Issue | Maturity Date | Amount Outstanding | Equivalent in Euro | ||||||||||||||
€1,000,000,000 | 4.50 | % | 99.387 | February 6, 2004 | July 31, 2014 | € | 1,000,000,000 | € | 1,000,000,000 | |||||||||||
€750,000,000 | | 2.25 Inflation | % | 99.368 | February 6, 2004 | July 31, 2019 | € | 876,000,000 | € | 876,000,000 | ||||||||||
€3,250,000,000 | 5.13 | % | 98.934 | February 6, 2004 | July 31, 2024 | € | 3,250,000,000 | € | 3,250,000,000 | |||||||||||
€2,200,000,000 | 5.20 | % | 105.125 | February 6, 2004 | July 31, 2034 | € | 2,200,000,000 | € | 2,200,000,000 | |||||||||||
€850,000,000 | Floating | 100 | March 4, 2005 | July 31, 2045 | € | 850,000,000 | € | 850,000,000 | ||||||||||||
€1,000,000,000 | Floating | 100 | April 25, 2005 | July 31, 2045 | € | 1,000,000,000 | € | 1,000,000,000 | ||||||||||||
€300,000,000 | Floating | 100 | June 30, 2005 | July 31, 2035 | € | 300,000,000 | € | 300,000,000 | ||||||||||||
€100,000,000 | Floating | 100 | June 30, 2005 | July 31, 2035 | € | 100,000,000 | € | 100,000,000 | ||||||||||||
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€ | 9,576,000,000 | € | 9,576,000,000 | |||||||||||||||||
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Swiss Franc(4)(*) | ||||||||||||||||||||
ChF 2,000,000,000 | 2.50 | % | 100.09 | February 2, 2005 | March 2, 2015 | ChF | 2,000,000,000 | € | 1,656,726,309 | |||||||||||
ChF 1,000,000,000 | 2.50 | % | 99.336 | January 30, 2006 | January 30, 2018 | ChF | 1,000,000,000 | € | 828,363,154.4 | |||||||||||
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ChF | 3,000,000,000 | € | 2,485,089,463 | |||||||||||||||||
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Pound Sterling(5)(*) | ||||||||||||||||||||
£400,000,000 | 10.50 | % | 100.875 | April 28, 1989 | April 28, 2014 | £ | 400,000,000 | € | 490,136,012.7 | |||||||||||
£1,500,000,000 | 6.00 | % | 98.565 | August 4, 1998 | August 4, 2028 | £ | 1,500,000,000 | € | 1,838,010,048 | |||||||||||
£250,000,000 | 5.25 | % | 99.476 | July 29, 2004 | December 7, 2034 | £ | 250,000,000 | € | 306,335,008 | |||||||||||
£300,000,000 | Floating | 100.00 | April 28, 2010 | April 28, 2015 | £ | 300,000,000 | € | 367,602,009.6 | ||||||||||||
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£ | 2,450,000,000 | € | 3,002,083,078 | |||||||||||||||||
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Norwegian Kroner(6)(*) |
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NOK 2,000,000,000 | 4.34 | % | 100.00 | June 23, 2003 | June 23, 2015 | NOK | 2,000,000,000 | € | 272,171,794.8 | |||||||||||
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NOK | 2,000,000,000 | € | 272,171,794.8 | |||||||||||||||||
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Japanese Yen(7)(*) | ||||||||||||||||||||
¥125,000,000,000 | 5.50 | % | 100.00 | December 15, 1994 | December 15, 2014 | ¥ | 125,000,000,000 | € | 1,100,255,259 | |||||||||||
¥125,000,000,000 | 4.50 | % | 100.00 | June 8, 1995 | June 8, 2015 | ¥ | 125,000,000,000 | € | 1,100,255,259 | |||||||||||
¥100,000,000,000 | 3.70 | % | 100.00 | November 14, 1996 | November 14, 2016 | ¥ | 100,000,000,000 | € | 880,204,207.4 | |||||||||||
¥100,000,000,000 | 3.45 | % | 99.80 | March 24, 1997 | March 24, 2017 | ¥ | 100,000,000,000 | € | 880,204,207.4 | |||||||||||
¥25,000,000,000 | 2.87 | % | 100.00 | May 18, 2006 | May 18, 2036 | ¥ | 25,000,000,000 | € | 220,051,051.8 | |||||||||||
¥50,000,000,000 | Floating | 100.00 | April 24, 2008 | April 24, 2018 | ¥ | 50,000,000,000 | € | 440,102,103.7 | ||||||||||||
¥30,000,000,000 | Floating | 100.00 | July 8, 2009 | July 8, 2019 | ¥ | 30,000,000,000 | € | 264,061,262.2 | ||||||||||||
¥30,000,000,000 | Floating | 100.00 | September 18, 2009 | September 18, 2019 | ¥ | 30,000,000,000 | € | 264,061,262.2 | ||||||||||||
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¥ | 585,000,000,000 | € | 5,149,194,613 | |||||||||||||||||
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Czech Koruna(8)(*) | ||||||||||||||||||||
CZK 2,490,000,000 | 4.36 | % | 100.00 | October 3, 2007 | October 3, 2017 | CZK | 2,490,000,000 | € | 99,002,027.75 | |||||||||||
CZK 2,490,000,000 | 4.40 | % | 100.00 | October 3, 2007 | October 3, 2019 | CZK | 2,490,000,000 | € | 99,002,027.75 | |||||||||||
CZK 2,490,000,000 | 4.41 | % | 100.00 | October 3, 2007 | October 3, 2019 | CZK | 2,490,000,000 | € | 99,002,027.75 | |||||||||||
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CZK | 7,470,000,000 | € | 297,006,083.3 | |||||||||||||||||
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TOTAL OUTSTANDING | € | 62,832,231,836 | ||||||||||||||||||
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(1) | U.S. dollar amounts have been converted into euro at $1.3194/€1.00, the exchange rate prevailing at Dec. 31, 2012. |
(2) | External debt denominated in currencies of countries that have adopted the euro have been converted into euro at the fixed rate at which those currencies were converted into euro upon their issuing countries becoming members of the European Monetary Union. |
(3) | Bonds issued by Infrastructure S.p.A. |
(4) | Swiss Franc amounts have been converted into euro at ChF1.2072/€1.00, the exchange rate prevailing at Dec. 31, 2012. |
(5) | Pounds Sterling amounts have been converted into euro at £0.81610/€1.00, the exchange rate prevailing at Dec. 31, 2012. |
(6) | Norwegian Kroner amounts have been converted into euro at NOK7.3483/€1.00, the exchange rate prevailing at Dec. 31, 2012. |
(7) | Japanese Yen amounts have been converted into euro at ¥113.61/€1.00, the exchange rate prevailing at Dec. 31, 2012. |
(8) | Czech Koruna amounts have been converted into euro at C25.151/€1.00, the exchange rate prevailing at Dec. 31, 2012. |
(*) | The above exchange rates are based on the official exchange rates of the Bank of Italy. |
Source: Ministry of Economy and Finance
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