By Giuseppe Fonte and Valentina Za ROME (Reuters) - Italy risks collecting minimal proceeds from a windfall tax on banks after it gave lenders the ...
NS fans turn up for Crosby's homecoming | SaltWireROME - Italy risks collecting minimal proceeds from a windfall tax on banks after it gave lenders the option to set aside money instead of paying the levy, three sources close to the matter said.
Economy Minister Giancarlo Giorgetti said on Sept. 27 the final outcome of the process would be"a great bank policy measure" that makes Italy's banks the strongest in Europe. Banks could, in theory, eventually distribute an amount equivalent to the entire tax-related reserves they booked, but this appears unlikely as over-aggressive distribution policies would draw supervisory scrutiny, another source said.With the tax due only in June next year, Italy's main banks have months before their boards are called to make an official decision on the matter.
UniCredit CEO Andrea Orcel, who spoke before the latest changes were introduced, said the impact of the tax was"not meaningful" and that plans remained to distribute more than 6.5 billion euros in dividends and share buybacks for 2023.
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