Messina says state collects 25 billion euros in bank taxes as budget levy is debated

In brief

Messina defends the three-year bank agreement

Carlo Messina, chief executive of Intesa Sanpaolo, spoke at the XXIV Forum internazionale dell'Agricoltura e dell'alimentazione organised by Coldiretti in Rome on 20 October 2026. He said the banks had agreed last year to a three-year contribution to the government and that he had believed in it. Messina said Giorgia Meloni had called him to settle the deal, and that the banks had first proposed a one-year contribution. He argued that the government asked for three years to bring stability to public finances and to the banks, which he said should not face a yearly campaign in the press.

“We had proposed doing it on an annual basis, but they asked us to do it for three years to give stability to the public budget and to the banks.”

Carlo Messina, chief executive of Intesa Sanpaolo

What the 2025 deal set out

ANSA reports that the agreement set out measures totalling about 10.5 billion euros of additional contributions from the sector for 2026 to 2029. The measures included a deferral of Deferred Tax Assets, a reduction in the deductibility of past losses, excess ACE allowances and interest expense. Banks could also free a reserve built in 2023 at a reduced rate, an option that nearly all of them took, bringing about 1.8 billion euros to the state. Il Messaggero gives a figure of 10.7 billion euros for the same deal, so the two accounts differ slightly.

The government also raised the IRAP regional tax by two percentage points for 2026, 2027 and 2028. According to ANSA, the rate for banks rose from 4.65% to 6.65%, and the rate for insurers reached 7.9%. The ABI banking association noted that with regional surcharges the overall bank rate comes to about 7.40%.

IRAP rate for banks before and after the increase, %%

Data from the article text

Profits, taxes and the new budget request

Messina said that on 50 billion euros of bank profits, the state will collect 25 billion euros in taxes. He said 25 billion euros of public spending this year will be financed by the banks, and asked that discussion of profits also mention that figure.

Bank profits and taxes cited by Messina, billion eurosbillion euros

Data from the article text

Il Messaggero reports that the Documento programmatico di bilancio, approved by the Council of Ministers in the days before 20 October, outlines a budget of 23.5 billion euros. About 14.4 billion euros would come from European flexibility for defence and energy, and about 9 billion from other revenue. Of that, 5 billion euros would come from measures on the financial sector, defined in broad terms, and the form of that levy has not yet been clarified. Treasury technicians are waiting to see how Brussels responds, and deputy prime minister Tajani has asked that the financial sector broadly contribute.

Constitutionality and other sectors

Messina warned that taxing only the banks could raise a constitutional question, since no single sector or category should be targeted. He suggested that companies with profits above 500 million euros could be assessed through a transparent debate. Other firms, he said, have seen growth rates of 70% up to 200%, while banks are at 5 to 10% this year.

Messina also addressed Intesa's role in the Monte dei Paschi acquisition, describing it as a safeguard for national savings. He said Intesa's 13.5% stake in Generali, held through Mediobanca, would guarantee the insurer's independence, because no buyer could take control of Generali while Intesa holds that share.

Public debt and what comes next

Messina said the European Central Bank finances 500 billion euros of Italian public debt, banks 400 billion and insurers another 300 billion. He added that the government's cautious approach to the budget was the right one given the risk of contagion from the debt of the United States and France.

“Banks and insurers are the main supporters of the country's public debt.”