2023-08-09 13:00:14
Intesa Sanpaolo and Unicredit thus lost 8.6% and 5.9% respectively at the close. Monte dei Paschi di Siena fell by 10.8%, Bper Banca by 10.9% and Banco Bpm by 9%. This Wednesday morning, Intesa Sanpaolo gained 2.3% and its competitor Unicredit rose 4% around 10:30 a.m., like other securities in the banking sector. “We have been saying for months that the European Central Bank is wrong to raise interest rates”, and this taxation “is the inevitable consequence”, assures Deputy Prime Minister Antonio Tajani.
Italian banks have seen their income generated by interest soar in the wake of the rise in interest rates, without increasing the remuneration of their customers’ current accounts in the same proportions. Banks that have “already adjusted their rates” by reducing the gap between borrowing rates and current account remuneration, “will not be significantly affected” by the tax, the economy ministry promised on Tuesday. evening.
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After the ministry’s intervention, economists have significantly lowered their estimates of tax revenue. Capping the contribution at 0.1% of assets “significantly reduces the impact of the tax”, comment analysts at Jefferies who now estimate the total cost for banks at 2.5 billion euros against 4.9 billion previously. The tax on banks’ “excess profits”, which must be settled by June 2024, will concern the accounting years of 2022 or 2023.
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