Planned levy to fund supports for those hit by rising interest rates sends bank shares down sharply
Mr Salvini said the tax would be limited to 2023, and that the funds raised would be used to help families and businesses hit by rising interest rates, especially those in the process of purchasing their first homes.
Italy’s five top banks have reported aggregate profits of €10.5 billion in the first half of 2023, up 64 per cent year on year, according to DBS Morningstar, the ratings agency. Performance has been buoyed by higher net interest, resilient net fees and strong cost control, it said. Analysts say the new tax will need parliamentary approval before it can take effect, meaning the country is likely to see bitter battles over the proposal as banks resist the retroactive measure.
In a tweet, Mr Salvini described the new move as a “common sense rule” and said the money raised from the tax would be used “to help families and businesses affected by the increase in rates”. Italy’s sudden move has echoes of the Spanish government’s decision last year to levy a controversial windfall tax on bank profits to finance government initiatives to help consumers hit by the cost of living crisis. – Copyright The Financial Times Limited 2023
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