Il Italian government evaluate a new intervention on the banks to strengthen public finances. As reported by Bloomberg, in view of the next budget maneuver, the Ministry of Economy led by Giancarlo Giorgetti is said to be working on a plan that includes the temporary suspension with deferred tax assets (Dta), with the aim of recover 1,5 billion of euros in 2027.
The hypothesis would not stop here: the technicians of the Ministry of Economy and Finance would in fact be considering extend the measure for another year, arriving like this to 3 billion euros overall in two-year period 2027-2028.
How the DTA mechanism works
DTAs are tax credits that arise from previous losses and that banks can use in subsequent years to reduce their tax burden.
Un freezing temporary would prevent credit institutions from immediately exploiting these credits, thus increasing the taxes to be paid immediately. However, once the freeze is lifted, the credits they would return availableFor this reason, the measure, while generating a short-term sacrifice, is considered neutral for bank balance sheets in the medium to long term.
The Ministry of Economy has clarified that this is still apreliminary hypothesis"It's just one of the possible options being evaluated. At the moment there are no definitive calculations and we will have to consult with the banks and discuss it," Giorgetti declared to Bloomberg News.
Banks temporarily halt DTAs: the stock market reaction
Le banks remain under pressure to Business Square, but with more limited declines than in the early stages. The sector's sub-index is still declining, while several leading FTSE MIB stocks are trading in negative territory. Mps Bank (-1,13%) falls, due to the strong exposure to DTAs; Rocca Salimbeni is aiming for the acquisition of Mediobanca (-0,77%) to unlock approximately 1,3 billion in tax credits, which would be added to the 1,6 billion already present in the budget. More limited losses for Understanding St. Paul (-0,87%), Unicredit (-0,28%) And Bper (-0,19%), while Bpm bank (+0,94%) stands out as a countertrend. According to analysts at Intermonte, a possible extension of the DTA freeze "would not jeopardize banks' profitability and remuneration," as it would be a temporary suspension of tax compensation, with no structural impact on the accounts.
The political and economic motivations
The extraordinary contribution of the banking sector is one of the priorities of the League of Matteo Salvini, which aims to recover resources to finance a tax relief for the middle class.
Alongside the freezing of DTAs, the government is also reportedly evaluating other measures, as one taxation of buybacks equity, to broaden the range of possible extra income In view of the next budget. The proposal, still under consideration, would aim to involve those who have benefited from dividends and stock price appreciation in recent years, generating additional revenue without impacting banks' assets.
Budget, banks under pressure: the precedent and market risks
This is not an absolute novelty. Italy has already resorted to freezing DTAs in the two-year period 2025-2026, generating 3,4 billion between the public finance balances of this year and next, after the failure of the attempt to introduce a tax on banking excess profits in 2023.
On that occasion, the announcement of the tax caused bank stocks to collapse on the Milan Stock Exchange and pushed the Meloni government to quickly correct course, opting for a temporary halt to DTAs as a less destabilizing solution.
The new intervention would therefore go in the same direction: to guarantee new revenue for the state to finance the next one Budget Law, without however generating shocks on the financial markets. The balance between budgetary needs and banking stability remains delicate, and the discussions that the Ministry of Economy and Finance will initiate with the credit institutions in the coming weeks will be decisive.
