The factoring divisions of Unicredit and Sace have reached an agreement aimed at strengthening support for companies, primarily SMEs, which have credits with the Public Administration.
On the basis of this agreement, Unicredit Factoring will provide Sace Fct with a credit line dedicated to PA suppliers for a maximum amount of 500 million euro. The plafond made available will be used above all for operations that Sace will manage in a pool with Unicredit Factoring if these are compatible with the guidelines established in the agreement.
The agreement was presented in a meeting, held this afternoon at the Unicredit headquarters, and was attended not only by the heads of the divisions that gave life to the agreement, Ferdinando Brandi CEO of Unicredit Factoring, Alessandro Decio Head of the F&SME Division of Unicredit e Frederick Mongelli CEO of Sace Fct, also the representatives of the two parent companies, Robert Nicastro DG of Unicredit e Alessandro Castellano CEO of Sace.
During the presentation, several times, the representatives of both companies emphasized the importance of teamwork and the ability to "make a system" that Sace and Unicredit have put in place.
The agreement, in fact, makes it possible to make the most of the specific characteristics of the two companies for a single purpose: on the one hand, Unicredit will make its territorial coverage and proximity to businesses available, on the other, Sace will be able to guarantee a better relationship with the PA.
Mongelli and Brandi, demonstrating great satisfaction with the agreement being reached, declared the start of a partnership between the two companies which bears witness to the desire to act in synergy to concretely help the relaunch and growth of the Italian production system.
Two key problems have been identified, the resolution of which would allow operators in the factoring sector who operate on receivables due from the PA to act in a better manner. The first concerns the certification of credits, an issue on which a legislative intervention is possible which according to Nicastro would act as a multiplier of the volumes of credits disinvested; the second problem, on which it is more difficult to intervene, concerns the excessive geographical concentration or vis-à-vis some public bodies, specifically regions with very long payment terms (up to 925 days of average for Calabria) and Asl. From 2009 to 2011, only six regions shortened payment times and the best performance was recorded by Puglia Region with a shortening of the average times of 92 days.
The figures at stake are considerable, in fact it is estimated that the credits of companies to the PA are included in a range that goes from 70 to 100 billion euros. An acceleration in this area will be given by the entry into force in Italy of the European directive on payment times of the Public Administration. The Government's intention seems to be to approve before the other European countries, already by September, the directive which will impose the maximum term for PA payments at 30 days (a 60-day deferment for health institutions appears probable) fromcurrent average of about 300.
The agreement will therefore make it possible to give a shot in the arm in terms of credit immediately available to businesses, especially small and medium-sized ones, to finance production or to start investment projects. Lastly, Castellano highlighted the negative implications that payment delays have on public finances in relation to the increase in debt charges with a natural impact on the taxpayer community.
