The hypotheses on the table seem to be oriented towards compensations through the F24 models presented in the bank, leaving the idea of a securitization in the background
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After confrontation that was held at Palazzo Chigi between the government and the association of banks Abi, Cdp and Sace, having listened to the needs of the various players in the field, the choices will look at costs and any Eurostat decisions on public finances. The will of the government is to untie the knot of problem loans of real estate bonuses (Super bonuses and more), involving all stakeholders. The hypotheses on the table seem to be oriented towards compensations through the F24 models presented in the bank, leaving the idea of a securitization in the background.
The tables set up at Palazzo Chigi will serve precisely to listen to the needs of the various players in the field and to evaluate their proposals: on the front of the transfer of credits for the work not yet communicated with the Cila, the government appears firm, even if small exceptions could be opened, in particular for the reconstruction in the areas affected by the earthquake or for the incompetent. Then the choices will be made by looking at the costs and any Eurostat decisions on public finances. One certainty is that the changes can only come during the parliamentary discussion on the Superbonus decree.
Pressure on banks for problem loans
The government has launched pressure on the banks on problem loans. The participation of Sace at the table foreshadows public guarantees, while the possible intervention of credit acquisition could also come from public controlled companies.
CDP intervention hypothesis
“An intervention by the CDP is one of the hypotheses under study”, meanwhile the deputy minister at MIT Edoardo Rixi announced. Alessandro Cattaneo, president of the FI deputies, confirmed the securitization hypothesis: «We are working to solve, once and for all, the problem of problem loans, because the 25,000 construction companies involved risk bankruptcy. Securitization? It is a possibility that we are studying with the MEF, with industry experts».
In the field Sace which could strengthen public guarantees
The demarcation line of the intervention has already been traced by the decree: the stop on the assignment of future credits serves precisely to facilitate the disposal of past ones. However, the provisions of the decree do not seem sufficient. This is when Sace takes the field and could strengthen public guarantees. There are two proposals on the table for the disposal of problem loans, even if the government now seems to favor one of the two. The first, securitization, is a market instrument and currently appears to be shelved. The second, with the offsetting of tax credits and debts, is a public finance instrument.
Hypothesis F24 advanced by Ance and Abi
The F24 hypothesis, on the other hand, is the one put forward jointly by the ABI and the Ance builders, who have also asked the government to solicit the purchase of credits from public companies controlled by the state. What hypothesis F24 predicts: in practice, banks, which can no longer purchase new credits because they have run out of tax ‘disposal’ space in the coming years, could discharge the debts by offsetting them with the amounts of tax payments made by customers with the models F24 at its branches. Obviously this would have an immediate cost to the state.
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