OBS_VALUE: Non-EU banks are allowed to operate in Italy without a commercial presence with the authorisation of the Bank of Italy. Such authorisation is subject to reciprocity conditions.                                             Directive 2013/36/EU on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, Articles 33 and 34.According to the Directive, EEA credit institutions may provide cross-border banking services into other EEA countries under passporting rights but whether commercial presence is required or not for non-EEA firms is left to national authorities.             