There is a decline, but for the moment no collapse. In mid-morning, while the Ftse Mib index rebounds by 0,8% after yesterday's -1,46%, the worst stocks in Piazza Affari are all banking: Banco Popolare -0,94% Mediolanum -0,74% Unicredit -0,53% Bank Pop Milan -0,33%. All in all, contained sales compared to the fears that followed the presentation of the new Economic and Financial Document, which contains unexpected rules to the detriment of credit institutions.
To finance the cut in personal income tax, which was worth 2014 billion euros in 6,7, the Government intends to recover 2,2 billion from the increase in VAT revenue and taxation on the revaluation of Bankitalia shares: the rate on capital gains recorded by credit institutions will in fact rise by 12 to 26%. The rule will be contained in a decree that the Government will approve on 18 April.
Returning to the Stock Exchange, this morning the countertrend performance of Intesa Sanpaolo, which gains 1,44%, to 2,542 euros. Yesterday the institute received the promotion from Mediobanca, which changed the opinion on the stock from underperform to neutral, raising the target price from 1,2 to 2,6 euros, in the light of the fourth quarter results and the new business plan.
In the evening, Moody's confirmed its long-term debt rating at Baa2 level with a stable outlook. “The capital – reads the note – is sufficient with respect to profitability and in view of the asset quality review. Core Tier 1 was 12,3% in December, a level higher than many European competitors”. Moody's observes that this calculation "includes 86 basis points from the revaluation of Intesa's stake in the Bank of Italy, which the ECB probably will not recognize in its asset quality review activity".
However, the Bank maintains a solid coverage of doubtful loans which, according to Moody's calculations, has grown from 53% in 2012 to 60% in 2013. Meanwhile, according to rumors, Tassara is on the way to selling all of its stake in Intesa, equal at 1,57%. At current prices it is about 628 million euros.
