The securities purchase program by the ECB, the so-called Qe, will bring an additional gross profit to Italian banks, the Bank of Italy estimates, of 1,7 billion in the two-year period 2015-2016.
In particular, according to a study published in the 'Economic and financial issues' series, the increase in pre-tax profits would be 300 million this year and 1,4 billion in 2016. 'The interest margin would reduce in 2015 due to the decrease in long-term rates which would lead to a decrease in lending rates not offset by a reduction in the remuneration of deposits, already 'close to zero' reads the study which examines the effects of Qe on public securities but also of the other two private financial asset purchase programmes. 'From 2016, on the other hand, the increase in credit volumes induced by economic growth would contribute to the increase in the interest margin'.
