The Boards of Directors of Cassa Depositi e Prestiti SpA (CDP), as issuer, and Poste Italiane SpA (Poste Italiane), as distributor, approved the terms of a new Postal Savings Agreement (Agreement) until 2024 .Postal savings, guaranteed by the Italian Republic, include Postal Savings Booklets (Libretti) for a total of 103 billion euro and Postal Savings Bonds (Buoni) for a total of 216 billion euro. Unique savings products for almost 150 years that today enjoy the trust of 27 million Italians.
The historic relationship between CDP and Poste Italiane, which by law is the exclusive distributor of postal savings, was further strengthened with an agreement that covers the period of the CDP 2022-2024 Strategic Plan and that of Poste's 2024 Sustain and Innovate plan Italian.
According to the Agreement, the placement and management of Bonds and Passbook Books will continue to be remunerated by annual commissions, differentiated on the basis of the type of product, the amount of which remains substantially in line with previous years, with a minimum of 1,6, 1,85 billion euros and a maximum of XNUMX billion euros, against agreed net inflow targets.
The remuneration scheme for the placement of Bonds, previously based mainly on up-front commissions, now envisages a mixed remuneration, partly linked to up-front commissions (differentiated by year of issue and type of Bond) and partly to annual management (differentiated by year of issue of the Voucher), which best guarantees the sustainability of the service.
The Agreement, which will be signed by CDP and Poste Italiane in the next few days, will become effective with the signing and effectiveness of the agreement between CDP and the Ministry of the Economy and Finance (MEF) for the management of the Bonds of the series transferred to MEF, which should occur in the first months of 2022.
“The new agreement – declared the CEO of Cdp, Dario Scannapieco – guarantees the continuity of collection and offers a prospect of further development of postal savings”.
Matteo Del Fante, Chief Executive Officer and General Manager of Poste Italiane, commented: “The terms of this agreement allow us to achieve the financial objectives relating to postal savings distribution commissions set out in our 24SI plan in a sustainable way. Postal savings represent the most stable source of retail financing for public spending and are the savings product preferred by Italians. We are proud to continue providing this Service of General Economic Interest, once again confirming our role as a strategic pillar for Italy".
Cassa Depositi e Prestiti (CDP) is the National Promotional Institute that has supported the Italian economy since 1850. With its activity it is committed to accelerating the country's industrial and infrastructural development, in order to contribute to its economic and social growth. CDP places the sustainable development of local areas at the center of its business, as well as the growth and innovation, also international, of Italian companies. It is a partner of Local Authorities, with financing and advisory activities, for the construction of infrastructures and for the improvement of public utility services. Furthermore, it is active in international cooperation for the implementation of projects in developing countries and emerging markets. Cassa Depositi e Prestiti is financed with entirely private resources, through the issue of postal bonds and savings books and through issues on the national and international financial market.
The Poste Italiane Group is the largest service distribution network in Italy. Its activities include mail and parcel delivery, financial and insurance services, payment systems and mobile telephony. With 160 years of history, a network of over 12.800 Post Offices, around 122 employees, €582 billion in total financial assets and around 35 million customers. Poste Italiane is an integral part of the country's social and productive fabric and represents a unique reality in Italy in terms of size, recognisability, capillarity and trust on the part of customers.
