Hours of work for the Government that wants to solve the crisis linked to the billions of euros of “stranded” credits that are impossible to sell and opens up to the hypothesis of securitization, advanced by Tommaso Foti, group leader of the Brothers of Italy in the Chamber, who defined it as “a viable road”.
Superbonus, problem loans node
The intervention on building bonuses has, in fact, sent the construction world. At the beginning of February, during a hearing in the commission, the general director of finance of the MEF, Giovanni Spalletta, had indicated the cost of the bonuses at 110 billion, 37.7 billion more than forecast. He estimates that it would rise to 120 billion with the latest figures.
Yesterday was the day of confrontation between government and association of banks ABI, CDP and SACE at the end of which the executive’s willingness to resolve the critical issues and find the right synthesis point emerged, as summarized in the note released by Palazzo Chigi. “At the end of the meetings held today, having heard from President Giorgia Melons, the Minister Giancarlo Giorgetti confirmed, together with Undersecretary Alfredo Mantovano, Minister Gilberto Pichetto Fratin and the other government representatives present, the firm determination to remedy the negative effects of the credit assignment related to the bonus award. Starting from the decree approved on 16 February, the Government reiterates its commitment to find the most suitable solutions for those companies in the construction sector that have acted correctly in compliance with the regulations”, it reads.
From securitization to F24, the hypotheses
So, hypothesis securitization (to which one looks with caution, however, given that it is associated with one of the worst financial crises, that of the subprime loans): this is the operation through which the receivables are purchased by a financial entity (the vehicle company) who “packs” them so as to issue a new security to be freely exchanged on the market (a bond) and pay for the purchase.
But it is not the only hypothesis under consideration: a possible involvement of the two subsidiaries of the Treasury Sace and Cdp which could, directly or indirectly, take over part of the 15 billion euro of problem loans is also on the table. “An intervention by CDP is one of the hypotheses under study,” the deputy minister at MIT said yesterday Edward Rixi speaking on the sidelines of the conference ‘Urban Regeneration: beyond the past the new Liguria’, speaking precisely of the superbonus.
Possible involvement of CDP
“It is clear that whoever deals with public finance in a country must do the first thing is to recall all the credits to understand how many are to be paid – he says – After which the government’s intention is to meet the payment to the companies, which up to now was blocked anyway, because the banks no longer intended to pay the credits fearing for the their budgets.
On the proposal of the banks (Abi) and the supply chain (Anci) there is also another way, namely that of allowing the credit institutions that have purchased the tax credits to use them in compensation for the F24 in debt, on behalf of their clients. The mechanism would make it possible to dispose of the credit warehouse and, at the same time, take oxygen for the purchases of those, in fact, left in the belly.
