Salvini expressed his desire to reach an agreement through a constructive dialogue with the institutions, without resorting to a regulatory obligation. In his opinion, with expected profits from the banking sector of around 50 billion euros in the current year, a payment of 5 billion would be sustainable. It remains to find a shared position within the majority: the deputy prime minister hopes for an agreement with his other counterpart Antonio Tajani, leader of Forza Italia, who in the past has expressed opposition to new taxes on banks.
For further information: Maneuver 2027, from extension of Transition 5.0 to vouchers for AI: possible measures for businesses
The dossier on credit institutions and insurance has returned to the center of discussions on the resources needed for the next budget. According to the hypotheses circulated after the meetings at the beginning of the week at the Ministry of Economy, the new contribution could initially amount to a lower figure than that feared by Salvini and between 2 and 3 billion euros. The ministerial offices are evaluating various technical solutions, which could affect deferred tax assets (DTA), goodwill, the valuation of financial instruments according to the accounting standard Ifrs 9 and credit write-downs. Among the interventions examined would also include those relating to the start-ups of insurance companies.
For further information: Maneuver 2027, resource node after the DPFP: here are the measures at risk
The comparison does not only concern the definition of the measures, but also their nature and economic dimension. On the one hand there is Salvini, in favor of obtaining a substantial contribution from the sector; on the other, Tajani, who has always reiterated his opposition to new tax levies on institutions. Deputy Minister of Economy Maurizio Leo assured that the dialogue with operators remains open, in the wake of the agreement reached last year. The issue of extra profits, often at the center of political debate, would not be the basis of the hypotheses currently considered.
"The important thing is that there is always dialogue, that there is no imposition by a socialist regime. The important thing is to talk, to dialogue, as we have always done. Forza Italia's line of dialogue, of confrontation, has always won, obtaining great results", declared the deputy prime minister and leader of Forza Italia, Antonio Tajani, responding to those who reminded him that the deputy prime minister Matteo Salvini raised the issue of extra profits. "I have always said that everyone must make a contribution. The banks have already given a lot, there is a three-year agreement. We will talk about it, we will discuss it, if they want to make another contribution by discussing so be it. This is the way: discussion. Because when a government is aggressive and solves problems by imposing taxes it scares the markets and we" don't want to do that, "in fact we want to involve, without any hatred towards those who have more than us, but by ensuring that in our economic system there is collaboration between the banking system, which is fundamental for our country, insurance system and also the business world."
The president of the Italian Banking Association (Abi), Antonio Patuelli, recalled that credit institutions and insurance companies have already made an additional economic commitment of 10.5 billion euros over three years. The figure was agreed with the government over the course of last year and represents, according to the president of the association, an element to be considered in the debate on any further requests to the sector. Patuelli also recalled the principle of contribution provided for in Article 53 of the Constitution. The three-year agreement, he noted, means that banks are exposed to further charges even if economic conditions worsen. The reference is to the risk that a new phase of crisis could make the weight of the commitments already undertaken more burdensome, just as the sector is called upon to deal with requests for further resources for public finances.
The search for new revenues could not only concern banks but also extend to energy companies, but in this case the discussion is intertwined with that of measures to contain the cost of fuel. The president of Unem, Gianni Murano, warned that taking resources away from the sector's investments would risk producing negative consequences in subsequent years. The margins for defining an agreement are however limited, considering the close deadline of the institutional appointments.
The majority could meet as early as Monday to find a summary on financial coverage. On Tuesday 13 October, after the parliamentary vote on the deviation from the safeguard clause, the Council of Ministers should examine the Draft Budgetary Plan (Dpb), destined for Brussels and containing the main measures planned for next year. To include resources from banks and insurance companies in the financial framework, decisions will therefore have to be defined in good time. The maneuver will have to finance a series of interventions, including any cuts to Irpef, the renewal of benefits linked to the flat tax, tax relief for young people and the refinancing of the health fund. At the moment, however, availability is limited. In the absence of new decisions at European level, the programmatic public accounts are in fact aligned with the path agreed with the EU for net primary spending. This means that further measures will have to be accompanied by additional revenues or reductions in other expenditure items.
In the meantime, discussions continue in Brussels on the possibility of applying European tax rules with greater flexibility. Economy Minister Giancarlo Giorgetti said the Italian proposal was widely discussed during the Eurogroup, which gave the green light to flexibility for energy and defense spending. Operational decisions, however, are expected after the next meetings of European financial ministers, scheduled for 9 and 10 November. Last year's maneuver was also constructed by providing full coverage for the first financial year. In that case, the resources used included the first 4.4 billion euros of the total 10.5 billion agreed with banks and insurance companies for the three-year period. A precedent that returns to the center of discussion as the government evaluates how to finance the new interventions.
While the government identifies possible sources of coverage, requests for resources from public bodies increase. The president of the National Association of Italian Municipalities (Anci), Gaetano Manfredi, has requested additional funding of one billion euros to support various needs of local administrations. These include assistance for unaccompanied foreign minors, services for students with disabilities, payment of bills and a hiring plan that provides for the entry of 12 thousand local police officers. The healthcare sector has also reported the need for greater allocations. In recent days, the Minister of Health Orazio Schillaci indicated 5.5 billion euros as the additional resources considered essential for the sector. The requests from the Municipalities and the health sector are thus added to the interventions that the government intends to finance with the next budget law, making the definition of coverage even more central.
For further information: Maneuver 2027, the (difficult) stages towards approval and the measures the government is thinking of
