The Chamber of Deputies has given the green light to the trust placed by the Government on the Imu-Bank of Italy decree. There were 335 votes in favour, 144 against, only one abstention. During the vote, the 5 Star Movement protested blatantly and the current president, Luigi Di Maio, expelled several Grillini deputies from the Assembly, suspending the session for five minutes.
In any case, the text has not changed since the version approved by the Senate. At this point, the definitive green light from Montecitorio in second reading is expected for next week, after the examination of the agendas scheduled for Monday. The conversion of the provision into law must take place before 29 January, under penalty of forfeiture.
IMU
As for the contents, the decree contains the abolition of the second Imu 2013 installment for the first houses and agricultural land, as well as the introduction of mini-installment due today. In addition, 2,164 billion was allocated to reimburse the Municipalities for the lower revenue lost from their own municipal tax.
INCREASE IN IRES AND IRAP ADVANCES
To cover the measures, the increases to 128,5% of IRES and IRAP advances for credit, financial and insurance institutions and for the Bank of Italy have been confirmed.
DISPOSAL
The provision also provides for the sale of various public buildings, safeguarding those of cultural and environmental interest. Regions, local authorities and associations will be able to report particular cases of properties to be safeguarded. Buyers will be allowed to rectify any building irregularities.
BANKITALIA DUE
Finally, the chapter dedicated to the Bank of Italy. On this front, the decree allows the shares of the central bank to be revalued from 156.000 to 7,5 billion euros. The registered shares in the share capital of via Nazionale, initially set at 20 thousand euros, have been increased to 25 thousand, and may only be held by "banks with registered office and central administration in Italy, insurance and reinsurance companies with registered office and central office in Italy, social security and insurance institutions and institutions with registered office in Italy and pension funds".
None of the shareholders will be able to own, directly or indirectly, stakes exceeding 3% of Bankitalia's capital (in the provision issued by Palazzo Chigi the limit was set at 5%). Other changes concern the "Italianness" of those who hold the shares (losing this requirement, one has the obligation to sell them) and the "honorability" of those who want to buy them (the Board of Governors has the right to veto new shareholders). Furthermore, the institute of Via Nazionale will have to report annually to the Chambers on the operations of participation in its capital.
Holding more than 3% of Bankitalia in its portfolio are Intesa Sanpaolo (42,42%), Unicredit (22,11%), Generali (6,33%), Inps (5%) and Banca Carige (4,03%) . They will be granted 36 months (from the 24 initially envisaged) to sell the surplus shareholding: during this period they will not have the right to vote, but will collect the relative dividends.
By transforming the shares into negotiable securities, the Government wants to open up Bankitalia's capital to new investors. At the end of a transitional period, our former central bank will therefore become a public company.
