Against the credit emergency, between now and 2015, "40 billion of additional credit to businesses, plus 35 to households" will come from Unicredit. This was announced this morning by the managing director of Piazza Cordusio, Federico Ghizzoni, presenting the “Unicredit for Italy” initiative in Rome, which – in collaboration with Confindustria and Rete Imprese Italia – it also includes a plan to encourage the internationalization of 15 companies.
“Today – continued Ghizzoni – there is a climate of mistrust and perhaps even a little hostility towards the banks”, for this reason “we decided to focus on the real economy, returning emphasis to our role as a commercial bank”. Then a clarification: "We are willing to give credit, but don't ask us to work at a loss: we are a private company and we have the right to make a profit. Credit must be done correctly but also selectively”.
In detail, the funds allocated by Unicredit in favor of companies are divided as follows: 7 billion for capital strengthening, through products that facilitate recapitalization and make it possible to take advantage of Ace incentives; 12 billion in direct support of innovation and others 21 billion for a plan to accelerate the divestment of receivables from the public administration. Specifically, Unicredit will increase its level of operations by 50% with regard to the advance on invoices for corporate credit towards the Public Administration.
Above all, this last point met with the approval of the Minister of Economic Development, Corrado Passera: “The delay in payments for both the public and private sectors is around 100 billion, perhaps more – underlined the minister from the same Roman stage – Those resources need to be brought back into circulation. Not paying for months and quarters, and sometimes for a semester, is behavior that borders on dishonesty."
Ghizzoni said he did not expect "particular favouritism" from the Executive. Unicredit is willing “to make a sacrifice to support this government, but we ask for a legislative framework that allows us to work properly as a company. A banking system that does not make a profit does not allow the economy to grow”.
