Which instruments drove Italy’s August 2026 public debt decline?

The August stock was EUR 3,200.848 billion

The Banca d’Italia release, published on 15 October 2026, lists EUR 3,206.996 billion of general government debt at the end of July and EUR 3,200.848 billion at the end of August. The table compares changes in these monthly stocks. It uses the bank’s instrument categories. Source 1 Source 2

Medium- and long-term securities accounted for the largest move

Medium- and long-term securities rose EUR 12.141 billion from June to July, then fell EUR 17.741 billion in August to EUR 2,546.351 billion. This was by far the largest movement in the six August instrument categories. The August decline alone exceeded the EUR 6.148 billion decline in total debt. Source 1

Other instruments rose by EUR 11.593 billion combined

In August, currency and deposits rose EUR 4.139 billion and short-term securities rose EUR 3.653 billion. Other liabilities rose EUR 3.353 billion and monetary financial institution loans rose EUR 0.448 billion. The published stock of European institutions loans was EUR 128.940 billion in June, July and August. Source 1

The stock changes and borrowing requirement use different measures

The bank separately publishes a borrowing requirement series and a debt stock. Here the differences are month-end stock changes, with no attempt to measure the amount newly raised or repaid in any category. Published provisional figures can be revised, and rounding explains the EUR 1 million gap between instrument sums and the total in July and August. Source 1

Sources

• Banca d’Italia Public Finances, Borrowing Requirement and Debt, August 2026, Table 4
• Banca d’Italia August 2026 public finances statistics release