Italian banks and Giorgetti clash over 5.8 billion euro budget contribution

A public clash at the savings day

On Friday, 30 October, the Giornata mondiale del Risparmio organised by ACRI turned a simmering row over the 2027 budget into an open confrontation between the government and the banking sector. ABI president Antonio Patuelli and Intesa Sanpaolo chief executive Carlo Messina stressed that the measures and tax weight fell disproportionately on the sector compared with other industries. Patuelli said the combined statements from government members were worrying, since they suggested tax pressure would rise further and land on shareholders. Economy Minister Giancarlo Giorgetti answered that the State had backed lenders with guarantees and GACS, the tool used to transfer non-performing loans, and that this help now had to be returned. Reports say the contribution was imposed by the executive without the negotiations that preceded last year's measures.

“The State has helped the banking system with guarantees and GACS, now the banking system has a duty to help the State in the decisive final stretch.”

The 5.8 billion euro package

Il Messaggero reports that banks and insurers will contribute 5.8 billion euros to the budget, while Il Fatto Quotidiano puts the government's expected revenue from the sector at over 5 billion. According to Il Messaggero, a three-point increase in the IRES surcharge brings in 1.47 billion over two years. Cutting to 30% the IRAP deductibility of other administrative costs and of depreciation on capital goods is worth 2.88 billion over two years, and changes to deferred tax assets are worth over 2 billion for 2027. Messina recalled that last year's agreement set a contribution of 10 billion over three years, which the government did not honour, and asked for equity with other sectors. Il Fatto Quotidiano gives the earlier figure as 10.5 billion, including tax measures and advance payments. Patuelli also cited the 1.1 billion euros spent restructuring the Popolare di Bari.

IRES surcharge increase, over two years1.47

IRAP deductibility cut to 30%, over two years2.88

IRES surcharge increase, over two years

1.47 billion euros

IRAP deductibility cut to 30%, over two years

2.88 billion euros

Data from the article text

Foundations and the Tobin tax

ACRI president Giovanni Azzone said the foundations were being hit twice, first through lower dividends from banks subject to the tax and then through a specific IRES increase that raises their burden from 40 to 70 million. He argued that the sum was small for the state budget but would mean less aid for young people and people with disabilities.

“Small change for the state budget, but it is a cut to our projects that translates into less aid for 20,000 young NEETs or 2,000 disabled people.”

The budget also raises the Tobin tax again. The rate on trades concluded on regulated markets goes from 0.2% to 0.4%, the off-market rate from 0.4% to 0.6%, and the high-frequency trading levy from 0.04% to 0.06%. The 2026 budget had already doubled the rates. The technical report estimated 337 million euros in extra annual revenue, yet 917 million euros had been collected in the first eight months of this year, 445 million more than in the same period of 2025. Assonime director general Stefano Firpo said at a Friday event that the measure puts Italy out of competition.

“It puts Italy out of any competition, right out of the game. It is truly surreal.”

Firpo also criticised the tax treatment of treasury shares, which he said leaves the instrument at a disadvantage compared with other countries. AssoNEXT president Vincenzo Polidoro asked that parliamentary debate find a balance that preserves the attractiveness of the market.

Estimated annual yield (technical report)337

Collected, first eight months of 2026917

Estimated annual yield (technical report)

337 million euros

Collected, first eight months of 2026

917 million euros

Data from the article text

What comes next

Patuelli said the banks would give a full assessment once the budget is presented to Parliament, and he hoped for a reflection before the bill is published. Giorgetti said he would take the banks' remarks into the highest consideration, and that Parliament would decide whether there is room for change. ANSA reports that the budget text, with 157 articles, has been sent to Palazzo Chigi for transmission to the Quirinale. Il Messaggero reported on 31 October that the sides had reached no agreement.