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Share04 May 2020Works in progress in the government, on the DL of May, to insert the new economic measures capable of dealing with the coronavirus emergency. A measure expected next week in the Council of Ministers. Prime Minister Conte made a first point with the Minister of Economy, Roberto Gualtieri, and with the heads of delegation of the majority parties. Meanwhile, work continues on the individual measures. In particular, INPS would have been asked to investigate the coverage necessary to extend the layoffs with an additional 9 weeks and a new allocation of 13 billion. In the meantime, it is Minister Gualtieri himself who is engaged in the Finance and Productive Activities Commission of the Chamber with a hearing on the DL of companies.
Not sufficient, but necessary measures
The liquidity measures contained in the Business Decree "alone are not sufficient to adequately deal with the economic crisis, but it is equally evident that these are absolutely necessary interventions". This was underlined by the Minister of Economy, Roberto Gualtieri, during the hearing before the Finance and Productive Activities Commissions of the Chamber. "The goal is to launch the"
750 billion guarantees
" decree already mid-week. The public guarantees exceed € 400 billion while those of the first decree invest around € 340 billion, very substantial figures that place Italy among the Countries that support larger liquidity interventions with public guarantees ".
Sace already in operation
Sace "has proven to be efficient, in two weeks it has already prepared all the tools and documentation necessary to make the guarantee that is already in operation operational". "There are about 170 potential operations in progress for about 12.5 billion currently under study by the banks for the preliminary investigation, construction of the pools and subsequent resolution". As a result of these activities, the minister explained, the banks will submit requests to Sace "which can be guaranteed in a maximum 48/72 hours in the case of a simplified process (for all interventions up to € 375 million)".
Sgnali di fiducia
"In the last few days, after the initial slowness, we are witnessing a surge in requests for guarantees from the fund" which "also reflects a greater confidence in people in applying for loans".
Loans moratorium for 177 billion and 54 billion to households
"Based on the weekly survey that is calculated by the Bank of Italy with reference to the previous week, as of April 24, more than 1.6 million applications or communications for a moratorium on loans were received by banks , for an amount of 177 billion. A little less than half of the requests come from companies, against loans for 120 billion. The more than 880,000 applications from families concern loans for 54 billion. 50,500 applications concerned the suspension of the loan installments on the first house (access to the Fondo Gasparrini) ".
Completing the interventions
"We are preparing measures aimed at completing the set of interventions undertaken and at the same time helping to prepare and support the recovery".
Implementation of banks is rapid and effective
"We know that there is very strong pressure on banks", but "we expect that the banking system will implement these measures as quickly, easily and effectively as possible".
There is no tax amnesty
The interventions of "tax amnesty do not fall within the policy lines of action of this government, it is necessary to distinguish the necessary suspension and lightening of tax obligations because the coronavirus is an extraordinary circumstance and must not be paid by citizens it is another to confuse this with past or future behavior ". "It is essential to have a tax system that is friendly to citizens, but also that there is a fair contrast to tax evasion that allows the state to finance services it provides to citizens, starting with health care".
Loans are not enough, tax interventions are needed
"Loans are not enough but nobody has ever said or thought that guaranteed loans alone are sufficient to face this crisis and it is quite clear that income support, tax and recovery interventions are needed ".
Autonomous bonuses at over 4 million
"Overall we are talking about more than 4 million people who have received income support even though they are not employees and who will also have it with the decree on the way".
Today we meet the banks
"Today we will hear the major exponents of the banking system to discuss with them and evaluate any problems and encourage them to implement the measures provided for in the decree as effectively and promptly as possible".
We await new lines on State aid from the EU
"A new adaptation of the" Temporary framework "on State aid is now coming, probably tomorrow, which will have a direct impact on one of the most important parts of the decree that was supposed to be April, therefore it is wise to wait and it was one of the reasons that led us to take a few more days, not to find ourselves in the situation of taking measures that do not fall under "the new rules" or not to fully use the "spaces provided".
No nationalization of SMEs
"I have read imaginative reconstructions, there is no intention of nationalizing SMEs or intervening in their governance". "There is a need to align and evaluate the changes being defined in the 'Temporary framework', they will be important measures in support of the capitalization of larger companies also with adequate incentives for SMEs". "A three-month full refreshment of the cost incurred for rents for all businesses of all categories and all sizes."