On 10 September 1919, at Saint-Germain-en-Laye, the Allied and Associated Powers sign the Agreement with regard to the Italian reparation payments — the instrument complementing the peace treaty with Austria that regulates Italy’s contribution as a state receiving former Austro-Hungarian territory.

Italy agrees to be debited, against its approved reparation claims, with a sum in gold francs calculated from the ratio of the 1911–1913 average revenues of the transferred territories (excluding Bosnia and Herzegovina) to the total revenues of the former Monarchy’s territories ceded to Italy, Poland, Romania, the Serb-Croat-Slovene State and Czechoslovakia.

The agreement facilitates understanding among successor states on liberation costs and reparations; it was registered in the League of Nations Treaty Series (vol. 2).

A declaration of 8 December 1919 extended the period for Italian bond issues.

For the financial architecture of the 1919 peace, 10 September marks the Saint-Germain Italian reparations agreement.

The text is on WorldLII / LNTS and in FRUS.

The Agreement on Italian reparation payments of 10 September 1919 remains a milestone of Central European post-imperial finance.

Image: Saint-Germain / 1919; Wikimedia Commons. Cropped to 16:9.

Source consulted: Italian Reparation Payments Agreement. Treaty text: WorldLII — Italian Reparation Payments Agreement.