The banks have stopped. The rush of recent weeks has prompted the institutions to immediately close their doors to the new requests for the sale of building bonuses. Applications, on the whole, have now exceeded the 40 billion euro threshold. After the stop at the discounts at the beginning of the year due to the maxi-scams and the decree of government which limited the sales to contain them, the flow resumed. Driven by the course correction of Palazzo Chigi and Tesoro which reopened to multiple credit transfers. First by setting a ceiling of three changes of hands, then raised to four last week with the energy decree.
The discount car, however, pulled the handbrake again. Side effect of the new system which, in fact, provides that the ultimate buyer is a bank or an insurance company. And the banks have run out of their “space”. An institution can only buy tax bonuses as long as its tax liability to the state allows. The more bonuses you buy, the more debt you reduce. If you reset it, the discounted bonuses would become a loss. Intesa, which has closed to new operations, would have already discounted 20 billion. Poste has bought nearly 8 billion on a limit of 9 billion of “space”. In short, the Superbonus risks running out of financial oxygen. The government, as we said, approved the possibility of a “fourth” sale for the banks with the energy decree. The latter, therefore, will be able to sell the bonuses to their customers who have fiscal space to be able to deduct it from taxes.
THE MECHANISM
But the mechanism does not seem conclusive. Palazzo Chigi and Tesoro seemed reluctant to favor this fourth passage system. The first version of the approved rule provided that banks remained “solidarity” on credit. If the credit turned out not to be due in the future, they would have to pay the bill. The paragraph was deleted after an outcry. But other stakes remain that make the mechanism difficult to implement. First of all, the impossibility of splitting the credit. If the bank, for example, discounts a loan of 10 million for 10 years, if it wants to sell it, it must pass it entirely to the acquiring company. This mechanism was designed precisely to avoid maxi-scams, such as the 1.2 billion one made possible precisely by the continuous passage and splitting of the acquired credits.
THE OBSTACLE
Now, however, it is an obstacle. The second step that makes the fourth credit assignment complicated is the fact that before selling bonuses to a company, the bank must have completed the previous steps. Therefore, after the discount on the invoice, there must be two transactions in a “protected environment”, between banks. Only afterwards can it be transferred to a third party. Too cumbersome.
However, these knots will be resolved in the next decree that the government is preparing to approve immediately after Easter, probably on April 21st. Palazzo Chigi has already given its assent to these changes, approving an agenda that contains them all.
Also in the next decree, which will mainly deal with aid to the economy, the Superbonus will be extended to villas from 30 June to 31 August or 30 September. And there will also be a rule to clarify that 30 percent of the work to be completed is valid as a whole and not for each single intervention. We will see if they will be the latest changes to the only real endless construction site: that of the rules on house bonuses.
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