Yesterday in Piazza Affari session in deep red for bank stocks with generalized decreases between -.5.8% and -9.9% after Italy approved an extraordinary tax only one by 40% for 2023 on the increase in profits recorded thanks to the increase in global interest rates. The cost of loans, mortgages and credit lines has in fact increased dramatically while credit institutions have not recognized a parallel higher credit interest on deposits. Citigroup analysts calculated that the tax could wipe out nearly a fifth of Italian banks’ net profit in 2023, while Bank of America estimates showed the measure could generate up to 3 billion euros for the government. The Italian move follows what has already been implemented by other European countries such as Spain, Hungary and the Czech Republic which have imposed extraordinary taxes on the sector.
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