Rome says it intends to use revenues to fund tax cuts and state guarantees on loans to small and medium-sized enterprises, critics say it could make some lenders vulnerable to an economic downturn
Italy will revisit a contested windfall tax on banks by giving lenders the option to boost their reserve buffers instead of paying the levy, government documents seen by Reuters showed.
The proposed changes, to be approved next week by the upper house of Parliament, the Senate, come after rebukes from the industry, international investors and the European Central Bank .Under a government amendment, the tax targeting banks' net interest margin , a measure of profit resulting from the gap between lending and deposit rates, will be capped at 0.26% of risk-weighted exposures.
Such an option is expected to exempt cooperative banks from the tax, as they usually put aside a large part of their profits as reserves. Prime Minister Giorgia Meloni earlier this month defended the rationale for the tax while leaving the door open to changes, provided proceeds remained unchanged at"just under" 3 billion euros .
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