Maneuver, the ECB warns about financial institution taxes: «Possible unfavourable results» | EUROtoday

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An in-depth evaluation on «any unfavourable penalties» that the interventions envisaged within the maneuver invoice would have on the banking sector. This is what the European Central Bank asks for in a seven-page doc wherein it expresses its opinion “relating to the taxation of financial institutions”.

The varied measures affecting the credit score sector are analyzed and it’s underlined that the textual content of the maneuver «it’s not accompanied by any explanatory report that illustrates its rationale. Furthermore, the technical documentation offered to the Senate concerning the invoice accommodates a abstract of the principle legislative provisions, however doesn’t present any clarification concerning the rationale behind the invoice”.

Bank taxes

The government, in fact, has asked for a contribution from credit and insurance institutions which, as underlined by Deputy Prime Minister Matteo Salvini in Atreju, «after three years of good governance have tens of billions of euros in profits and therefore we have done something that the left has never had the strength or freedom to do. We asked for a contribution to help families and workers in difficulty.” In explicit, the intervention offers the rise in IRAP by 2%.

Possible unfavourable results

These measures, the ECB warned, might have penalties on the Italian credit score sector as regards tocredit score provision, income, property and liquidity. This, “although the credit institutions still present good financial solidity and an initial assessment of the impact of the bill suggests that the situation would not change after its adoption”.

Furthermore, for the ECB, the liberation of the extraordinary capital reserves, established in 2023 and for which the maneuver offers for a particular tax regime, «it should notably have an effect on much less important establishments, which are typically extra centered on offering credit score, whereas important establishments are likely to have a bigger share of fee-based earnings.”