(Finance) – Copious sales in Piazza Affari on the entire banking sector, the negative protagonist of today’s session on the European markets. The approval of the tax on the extra profits of banks by the Italian Government contributed to weighing on the actions of the credit institutes. The decision triggered a shower of sales that made the banks burn over 9.5 billion in capitalization in a single sitting.
The Milanese list lost 2.12% to 27,942 points, burning 27.71 billion. Among the players in the sector, BPER And mps extension they lost more than 10 percentage points. Phinecus 9.91%, BPM desk 9.09%, Understanding 8.67%, Mediolanum 5.96% and Unicredit 5.94%. The losses are more contained General Bank (-3.14%), Mediobanca (-2.48%) and Bank System (-1.55%): the latter provides for an “almost zero” effect of the tax.
The new tax on bank extra profits introduced with the government’s “asset decree”. affects the capital solidity of the banks. Analysts say so Jefferies, according to which “the unexpected tax on bank extra profits, on which the Minister of Economy had previously thrown water on the fire several times, has an impact of 60 basis points on the 2023 Cet1 on the average of the 10 banks analysed”. It is, according to experts, a impact “considerable but manageable in a context of high capital ratios for the sector”.
In particular, the impact would range from 340 basis points, for Finecobank, equal to 3.4%, on a Cet1 capital ratio of 23%, to 30 basis points for Mediobanca. As for Intesa Sanpaolo and UniCredit, then, “the impact is estimated at between 50 and 70 basis points on the total interest margin and will also depend on the geographical perimeter to which the government will apply the tax”.