Page "Banca d'Italia" Paragraph 6

The institution, also called BankItalia, was established in 1893 from the combining of three major banks in Italy after the Banca Romana scandal.

The new central bank first issued bank-notes during 1926.

Until 1928 it was directed by a General Manager, after this time instead by a Governor elected by an internal commission of managers, with a decree from the President of the Italian Republic for a term of 7 years.