Almost 40 billion, up to 38 to be precise. This is the gap identified by Goldman Sachs for Italian banks, which therefore with a cleanup of around 40 billion euros would secure themselves. The US bank made the calculations and lifted the veil on the capital strengthening operations necessary for the banks of the Belpaese in a report entitled "A complex situation, with a high risk of dilution".
Goldman, however, has revised upwards, the rating on Unicredit goes to Buy, which after the recent slips is already discounting the worst case scenarios.
However, Goldman analysts warn the institute needs 6,7-9,6 billion extra capital to support an improvement in the CET1 ratio to 12% and at the same time taking into account losses on bad debt levels in line with market prices.
Goldman Sachs recalled that the Italian banking system has become vulnerable again since early 2016, in the light of the slips that the securities have recorded on the Stock Exchange and taking into account the weight of the sub-fund's non-performing loans. Not surprisingly, Goldman analysts point out, the ECB's attention to the sector has increased. Furthermore, in 2014 and 2015, the Italian government had attempted to set up a management vehicle in which banks could discharge non-performing loans. There had been discussions about the creation of a bad bank, a project which however foundered in conflict with European legislation which prevents state intervention. Italian Texas, i.e. the ratio of non-performing loans to assets, remains one of the highest in Europe.
