[1] The Banca Romana was established in Rome in 1834 by French and Belgian investors, with the privilege of issuing money in the Papal States granted by Pope Gregory XVI.

To deal with the crisis, in April 1848, the government ordered the suspension of the convertibility of banknotes and their circulation as legal tender for three months, a measure that was then renewed several times.

At the same time, not wanting to recognize the debt contracted by the Republic, the government expressed its intent to seek compensation from the bank's assets, effectively triggering its bankruptcy given insufficient own funds.

In consideration of the systemic repercussions that would be produced, the Papal government eventually backtracked, however, and, as part of an overall restructuring plan, decreed the incorporation of the Banca Romana's remaining assets and liabilities into a newly formed bank of issue.

The shareholders of Banca Romana lost their investment, but its creditors were effectively bailed out by the Bank of Italy, which in turn was (only partly) compensated by the government through tax rebates and other financial favors.