February 5, 2023

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Superbonus and corporations, they open state-guaranteed credits

Two tools are being studied to achieve the goal of freeing up the mass of tax breaks that have been stuck: a new task available to banks, to facilitate mutual compensation between credit institutions only, but above all a new method in favor of companies that have given discounts on invoices to their customers and who are now unable to achieve income from it. For them, the alternative of converting credit into a bank loan backed by a public guarantee can open up.

These are some of the solutions that emerged during the summit which, yesterday afternoon (and into the late evening), gathered representatives of the majority and government around a table to finish the game of super bonuses and balance transfers. Proposals to be transformed into a set of amendments to be included in the Ayoti Quadruple Decree Conversion Act.

Transfer credits

Let’s start with the most important news gained in the field of balance transfer. As mentioned, two solutions are under consideration. The first provides for the possibility of lengthening the supply chain. Currently, the first step is free, then there are two transfers in a controlled environment (for example, to banks and insurance companies) and then the bank can transfer it to its own account holder who has a VAT number. Therefore, the bank receiving the credit usually has only one move available: the limit that makes that market less liquid. By lengthening the chain of transfers, with an additional step for credit institutions, arbitrage between banks will be preferred. Thus helping to make the most of the financial capacity of institutions.

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Credits left in the corporate belly

On the other hand, the other measure aims to reduce the amount of credits remaining in the stomachs of companies: according to estimates released on Friday by Cna, it amounts to 5 billion euros, which, at the moment, are impossible to monetize. The premise is to convert them into loans backed by a public guarantee similar to the guarantees given in the midst of the Covid emergency. The state thus becomes the guarantor of last resort to allow the remittance loop to close. Following the path that has been set in recent days by the various political advocates who follow the file.

coverage node

At this point, however, there is a problem with coverage. To keep the effect of this maneuver on the public budget under control, the idea is to create a process spread out over a period of time, during which the bonuses can be disposed of at the rate of 20% per annum, thus eliminating all the backlog. The premise that, however, should pass the scrutiny of the accounting department.