To try to win over i small savers and to convince them to invest in securities of the Italian Republic, the government has found another trick and has included it as a surprise in the 2024 budget. The BTPs end up outside the Isee calculation. If you subscribe to BTPs, like the Btp value or the BTP Italia for example, not only is small savers given a loyalty bonus if the investment is held until natural maturity. But BTP People will no longer even have to include this investment in the ISEE. The rule appears in the index of Budget Law and was included in the family package announced by the Minister for Family, Birthrate and Equal Opportunities Eugenia Roccella. There maneuver 2024 she was fired from the Board of Directors this week.
At the moment, the possession of savings in government bonds contributes to the formation of assets which in turn partly determines the value of the ISEE, a snapshot of both the income received and the existing assets. This item includes, for example, the value of current accounts, financial assets, company shares as well as all real estate properties.
2024 maneuver and BTP: the objective is to shift part of the debt to small savers
The government's long-declared objective is to try to shift a part of its gigantic public debt increasingly into the hands of small savers, considered more suitable for maintaining stable prices, compared to large investors, especially foreign ones, who are able to play on volatility. Bank of Italy records that this share is now around 11,6%, up compared to 7% in summer 2022.
The exclusion of government bonds from the ISEE calculation, as indicated by theArticle 39 of the budget law, is a measure defined to increasingly encourage small savers to purchase BTPs issued by the Treasury, helping Italy to finance itself and have fresh money in the cash register. Next year I am expiring around 100 billion in government bonds, while the ECB's planned reinvestment of around 40 billion in Italian bonds will fail.
The success of the BTP Valore
Moreover, BTP people have already shown great interest in the securities issued by the Italian Treasury. The yield on long-term Italian bonds reached almost 5%, beating their European counterparts. Just remember the last born, il Btp Value, which in its second issue just 10 days ago, raised 17,2 billion which are added to the 18,2 of the first issue, for a total of over 35 billion: a lot of maneuvering alone.
