An ad hoc fund to help the savers of the four cooperative banks that have just been saved, a mix of measures in favor of the South and a package of security measures to be implemented in two stages, also drawing on the funds recovered with the voluntary disclosure. These are the main additions to the Stability law on which the Government, the majority and the opposition are discussing, waiting for the Budget commission of the Chamber to resume work on the maneuver on Sunday.
FUND FOR SAVERERS DAMAGED BY BANK RESOLUTION
On the first front, it is the Democratic Party that proposes setting up an ad hoc fund to draw on to compensate those who have been penalized by bank resolution. According to parliamentary sources, the fund would not be powered by fresh resources but by the revenues that will be obtained with the sale of the passive assets taken over by the bad bank.
Not all parliamentary groups would agree on this solution. Civic Choice, in its sub-amendment, proposed a tax credit of 26% to be deducted from Irpef to offset at least in part the capital losses accrued in the context of the bank resolution. Both proposals are currently under consideration by the Treasury.
THE PLAN FOR THE SOUTH
As for the plan to relaunch the South, there are two measures that should see the light: the increase in the tax relief for new permanent hires (which should also be brought back to 100% for 2016) and the tax credit on investments (probably 10%). On the other hand, the hypothesis of a super-depreciation of 160% for entrepreneurs who invest in machinery and equipment seems vague (the law will come into force with the maneuver and will be valid throughout the country, but at 140%). However, there are also parliamentary groups that are pushing to concentrate all resources on just one of the two interventions, but at the moment the prevailing position is that of creating a mix between the two measures.
SAFETY PACKAGE IN TWO STEPS
Finally, on the security front, a two-stage intervention is expected. The first part of the measures would be financed immediately with some of the resources guaranteed by the voluntary disclosure (5-600 million euros). The second should instead be released in the spring, with the EU's expected green light for the flexibility clause on the deficit linked to exceptional events.
