The decree law no. 18 of 14 February 2016 (cd. Banks Decree, hereinafter the "Decree 181 ") has recently been converted, with modifications, by Law no. 49 of 8 April 20162 ("Exchange Act"). Thanks to the Conversion Law were introduced, inter alia, some important innovations in the field of bank bonds collateralized, currently governed by Article 7 quater of Law no. 130 of 30 April 1999 (the "Law 130").

The collateralized bank bonds (the "OBC"), are a particular category of covered bonds ("Covered Bonds" or "Covered Bonds"), having characteristics similar to the latter, assisted, however, by a guarantee issued to the sale of different types of assets other than those currently provided by the Ministerial Decree n. 310 of 14 December 2006 for Covered Bonds.