Is it right or not right for banks to contribute to the financial maneuver? This is somewhat the question of the moment, also because, in the three years of the Meloni government, which have just ended (22 October), the issue has proven to be among the most divisive within the majority. The facts are known: the banks were asked for around 5 billion through three types of interventions: the increase in IRAP; the release of profits set aside in 2023 in response to the government’s then request to pay a 40% tax on their possible distribution which now drops to 27.5%; the postponement of some tax relief.
Let’s look at the reasons of the parties, starting from an unavoidable assumption: Italy must continue on the path of fiscal consolidation which, by 2026, translates, in a nutshell, into the almost zeroing of deficit spending. In other words, out of the 18.7 billion needed for the maneuver, almost 18 billion are needed for coverage. Of these the government found 5-6 from the Pnrr, others from various cuts, still others from some taxes and excise duties. But to close the circle we need – let’s say – five more.
Taking them from the banks (and insurance companies) is not nice because they are private companies. Therefore, on the one hand, one sector is penalized to the detriment of others, on the other, an operation not foreseen on paper is carried out, which is a bit equivalent to changing the rules of the game once the game has started. Which is never a good thing for a market system like ours. Furthermore, taking away part of their “wealth” from the banks means weakening their assets, which, in the event of a future crisis (similar to those triggered since 2008 for almost a decade), we may have to pay dearly. Finally, taxing profits when they are high implies a sort of moral regulation that has nothing to do with business activity. What happens, in fact, when losses come instead of profits?
On the other hand – and we come to the government’s reasons – the topic of the contribution of the banks (and insurance companies, let’s not forget them) was born due to the enormous profits accumulated in recent years: according to Fabi data there are 112 billion between 2022 and 2024, while for this year an aggregate of even more than 40 billion is expected. An unprecedented profitability, which however does not arise only from the skill of bankers and bankers, but also from particularly favorable external conditions. Among these, in first place is the political stability guaranteed by the government itself. Furthermore, upon closer inspection, the banks chose to drain part of the advantage resulting from the interest rate cut for themselves. This can be seen from the mortgage rates which, again according to Fabi, have stopped for a year now, while the official ECB rates have continued to fall: the gap reaches 16 points, equal to annual rates of 3.6% versus ECB rates of 2%. In simple terms it is as if the banks financed themselves at 2% and then lent at 3.6: the difference inflates profits.
Everyone is therefore free to form their own opinion. Ours is that virtuous public accounts are beneficial to the whole country, from private to public, from healthcare to education, from savings to consumption.
Therefore, while waiting for a public budget that – once the bonus seasons have been disposed of – goes back to walking only on its own legs, every sector that owes its health to this virtuous circle can and must contribute to fueling it. Even in his own interest.