For bank shares, Tuesday’s session it was sleepy. The usual ups and downs of the day but, in the end, Intesa Sanpaolo closed up 0.2%, Unicredit practically unchanged. Bper gained 0.3% as did the bank Mediolanum (at 30% of Berlusconi family). Banco Bpm did better (+1.7%). In short, exactly no worries for the intervention that the government is preparing to include in the budget law. This year we joked too.
Although the Prime Minister Giorgia Meloni you’re talking about a “more courageous government than the left on banks and extra profits”, it is clear that the banks’ profits they will not be affected in the slightest. The measure, which should bring into the public coffers 3-4 billion euros in two yearsit’s actually a round game. The banks, essentially, pay first what they would have had to pay later anyway. Just to have a dimensional order, remember that the Italian banking system closed the last two financial years with profits of around fifty billion euros a year. But we’re not talking about profits here anyway.
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Giorgetti’s slalom among the new taxes envisaged in the budget law: “They are just revenue adjustments”
No increase in tax on corporate profits, no one-off extraordinary withdrawals but simply an intervention on Dta (deferred tax assets). The deductibility of 2025 and 2026 is postponed, with a recovery deferred over time to ensure that the revenue does not then suddenly plummet.
The stress of the Italian banking system is resolved in advancing some money to the government. This is the “sacrifice” requested by Minister Giorgetti who, at the League meeting, had assured that he knew how to distinguish between those who can make sacrifices and those who cannot. Shortly after the party leader Matteo Salvini he thundered: “Let the bankers pay, not the workers”.
This explains the placidity with which the leader of Forza Italia Antonio Tajani, always very careful in voicing any discontent of the Berlusconi family, he welcomed the measure. “It is in the order of magnitude of 3-4 billion euros”, he confirmed before the CDM, explaining that “In any case there will be no new taxes, that’s for sure”. Yet in the evening Salvini had the opportunity to express his satisfaction: “The intervention on the banks was good, as the League has always hoped. Given the 40 billion earnings in 2023 alone, I expect important contributions to support the country and, above all, the national health system”. It is legitimate to assume that the final text of the measure has not yet been read.
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