• Patuanelli: loans up to 25 thousand euros without guarantees
  • Coronavirus, Gualtieri: guarantees to companies for 500 billion
  • Conte: the only solution is a rapid response from the EU, eurobonds would be an effective move

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06 April 2020 The Council of Ministers called to launch the liquidity decree is expected for this morning at 11.30 am (even if it has not yet been convened). The boundary between the need to disburse fresh money quickly and the solvency checks of those requesting the loan is at the heart of the negotiations within the majority.

In the evening, the owner of the MISE Stefano Patuanelli illustrated the outline of the Law Decree which should be presented to the Council of Ministers. The provision of the Guarantee Fund for small enterprises rises to seven billion. For loans up to 25 thousand, the state guarantee will be 100%, without credit assessment. Even for loans up to 800 thousand euros, the guarantee is 100%, but with a credit rating. "The guarantee will be 90% for loans up to five million euros, being able to reach 100% with the counter-guarantee of Confidi and with an assessment that takes into account only the pre-crisis Covid19 situation," explained Patuanelli.

For loans in this scheme there is a repayment period of up to six years and some bureaucratic simplifications for a quick disbursement of money, such as the possibility of presenting the anti-mafia certification even after the loan has been issued. It is then envisaged that the territorial bodies - the regions and the municipalities - that want to join forces to help the territories and guarantee local companies can contribute with their own resources. The last measure is for banks that help businesses, with an intervention on the portfolios of loans for businesses at risk. Three points: the increase in the maximum amount of the portfolio to 500 million; admission without credit assessment; 90% guarantee on junior tranches, the riskiest ones.

The other issue is what role the Cassa Depositi e Prestiti (Cdp) should play. Yesterday, Prime Minister Giuseppe Conte summoned the Minister of Economy and Finance Roberto Gualtieri and the CEO of Cdp Fabrizio Palermo. On loans to large companies in the MEF, a solution is still preferred which sees the state giving guarantees through Sace, (which institutionally deals with ensuring investments and trade abroad) by separating the latter from the CDP and making it acquire directly from the MEF. But the M5S would not be favorable. Last night we finally arrived at a scheme of understanding: to give guarantees on loans to large companies and take care of assessments on their solvency will be Sace, which however would remain a subsidiary of CDP.

Movimento 5 Stelle and Italia Viva ask that the state guarantee be total for everyone. "The 100% state guarantee for banks to immediately give companies and VAT numbers 25% of 2019 turnover (to be returned starting from 2022) is the real measure of restart. Italia Viva has been strongly supporting this proposal for days. Let's make it simple, let's do it now ", tweets on negotiations in progress Matteo Renzi.

First, however, at Palazzo Chigi and at the MEF, we look at the direction the EU will take. While the Eurogroup is confirmed for tomorrow, the summit of European leaders looks set to postpone after Easter. Among the state aids implemented by governments, the ECB's measures for the acquisition of public debt securities and the proposals put forward by the Commission and the EIB to finance the IGC and give liquidity to businesses, the Union as a whole already has deployed an arsenal that is worth approximately 3,000 billion euros. But in Brussels everyone is convinced that this will not be enough.