ITALIAN NET OFFICIAL RESERVES FALL IN MAY Italy's net official reserves fell to 67,110 billion lire in May from a previously reported 68,455 billion in April, the Bank of Italy said. Gold holdings totalled 35,243 billion lire at end May, unchanged from end April. Convertible currencies totalled 18,277 billion lire in May, down from 20,028 billion in April, while European Currency Unit holdings were 10,610 billion against 10,528 billion.