The DIRECTOR GENERAL of the TREASURY Viewed the Decree of the President of the Republic December 30, 2003, # 398 on the consolidated text of laws and regulations relating to public debt, and in particular art. 3, where it is expected that the Minister of finance is authorized, in each financial year, to issue decrees that allow Treasure frame, among other things, borrowing operations domestically or abroad in the forms of financial products and instruments in the short, medium and long term, indicating the nominal amount, the interest rate or the criteria for determination minimum subscription amount, duration, and any other feature placement system and method; Having regard to the Ministerial Decree No. 97587 of December 23, 2014, issued pursuant to art. 3 of the aforementioned Decree of the President of the Republic No. 398 of 2003, where you define for the fiscal year 2015 objectives, limits and methods where the Treasury Department must follow in making financial transactions referred to in that article predicting that the operations themselves are arranged by the Director General of the Treasury or his delegate, the Director of the second of the Department and that in case of absence or incapacity of the latter, the above operations can be arranged by the Director General of the Treasury, even with ongoing delegation; View the determination # 100,215 of December 20, 2012, by which the Director General of the Treasury has delegated the Director according to the Treasury Department to sign the decrees and acts relating to the operations; Having regard to the Decree of June 5, 2013 44223, published in the Gazzetta Ufficiale della Repubblica italiana n. 133 of June 8, 2013, which were established on an ongoing basis the characteristics and modalities of issuance of medium and long-term government bonds, issued by auction; Having regard to the Ministerial Decree No. 43044 of May 5, 2004, published in the Gazzetta Ufficiale della Repubblica italiana n. 111 of May 13, 2004, laying down rules in case of delay in the settlement of transactions, swap transactions and repurchase of bonds; Having regard to law no 191 December 23, 2014 on the approval of the budget for the fiscal year 2015 and in particular the third paragraph of art. 2, with whom he established the maximum emission of public borrowing for the year; Given that the emission amount willing to all the February 23, 2015 amounts, net of repayments already made public, 32339 million; Having regard to its decrees on September 25, 28 October, November and December 23, 2014 and 25 January 28, 2015, with whom he's been ordered the issuance of the first tranche of Treasury credit certificates with ten interest rate indexed to the Euribor six months (' Cct '), December 15, 2020 deadline June 15, 2014 and enjoyment; Considered appropriate, depending on market conditions, have the issue of an eleventh tranche of Treasury credit certificates Decrees: Art. 1 under and for the purposes of art. 3 of the Decree of the President of the Republic December 30, 2003, n. 398, and the Ministerial Decree of December 23, 2014, both mentioned in the introduction, it is issuing an eleventh tranche of Cct, June 15, 2014 and December 15, 2020 deadline for enjoyment with a nominal amount of between a minimum of 1250 million and a maximum of EUR 1750 million. Interest on Cct referred to in this Decree shall be paid in six-monthly instalments deferred to 15 June and 15 December of each year. -Annual interest rate payable on the aforementioned Cct will be determined on the basis of the gross annual rate equal to EURIBOR six months plus of 0.80%, and will be calculated by counting the actual days of the reference on the basis of the fiscal year, rounded to three decimal places. In pursuance of those criteria, the half-yearly interest rate on the second coupon of Cct under this Decree is 0.495 percent. The first coupon vouchers are issued with this Decree, being received at maturity, will not be paid. The characteristics and modalities of issuance of these securities are those defined in the Decree of June 5, 2013 44223, mentioned in the introduction, which here means entirely invoked and to which reference is made to matters not expressly provided for in this Decree; in particular, please refer to art. 18 of the Decree.