Home » BTP Valore and the Codacos complaint to the Antitrust. Case breaks out on Meloni government commercial

BTP Valore and the Codacos complaint to the Antitrust. Case breaks out on Meloni government commercial

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BTP Valore and the Codacos complaint to the Antitrust.  Case breaks out on Meloni government commercial

Here we are: tomorrow, Monday 26 February, the third edition of BTP Valore starts, the government bond aimed exclusively at retail investors, a big bet by the Meloni government to entice Italian savers to take on growing slices of public debt.

In addition to the technical characteristics of this BTP, in these last hours we are talking about the complaint presented by Codacons, the consumer association, to the Antitrust: object, the advertising churned out by the Italian government to promote the BTP Valore.

An advertisement, as part of the communication campaign of the Italian government on BTP Valore, which presented the state title in an overly optimistic way, it is the note that triggered the Codacons. So much so that BTP Valore is referred to as a sort of cruise government bond.

“We’re going on a cruise next week,” says a couple in the controversial commercial – “Did you win the lottery?” The other couple asks curiously. “We bought BTP Valore”the lady in the advert replies with a lot of pride and satisfaction printed on her face.

A BTP Value that inevitably makes you think to a sort of goose that lays golden eggs, and a BTP Valore so praised as to be described as “tool to supplement your salary or pension, to add value to life and, if desired, to indulge in small extra pleasures”.

The government’s promotional campaign on the government bond which, like the spread trend, had become a great source of pride for the Meloni government had already made people jump on their seats before Codacons decided to jump to attention. the financial analyst Mario Seminerio.

In the February 22 tweet, the author of Phastidio.net, wrote:

“Regardless of the availability of sums to invest, this is the contribution of the @MEF_GOV to the financial education of Italians?”

With a tweet published this morning, Seminerio took things further, explaining what is happening in the article The Btp Valore commercial, symbol of our welfare for cruise passengersPublished on The paper

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BTP Valore: Codacons presents a complaint to the Antitrust: misleading advertising

In the meantime, Codacons has also become active, with and press release issued two days ago, Friday 23 February 2024:

This is what the press release says:

“The advertising of BTP Valore conveyed through television channels seems likely to mislead the average consumer, distorting their decision-making process. Although ‘innocent’ in tone, government-sponsored advertising would convey a misleading message, i.e. that the purchase of financial instruments of this type can guarantee very high returns in a short time”.

“In these terms, the contested advertising creates an ‘illusion of profit’ for consumers which is completely untrue and is capable of distorting the saver’s behavior by inducing him to make choices that he would not have made if correctly informed”.

Codacons again:

“The regulation on advertising relating to financial operations suggests a clearer approach in proposing this type of offer that does not mislead consumers about easy earning prospects and, above all, warn him of the risks of the investment even in the case of normally safe securities such as BTPs”.

The association thus explains the decision to present a “formally exposed to the Antitrustasking to open an investigation aimed at evaluating the correctness of the advertising messages addressed to the public and sanctioning any offenses linked to the public placement of the BTP Valore”.

Codacons aside, the BTP Valore has often been the subject of controversy and debate, since before that great official announcement by Prime Minister Giorgia Meloni of the plan More government bonds in the hands of Italians”, practically more public debt to Italians.

Appeal that had already been launched by Minister of Economy and Finance Giancarlo Giorgetti and which had confirmed the beginning, as the Schroeders analysts had written in a paper, of a regime change, combined with the return of fiscal activism:

of a new era, practically, in which the governments of the euro area, specifically, they are moving towards taking the place of an ECB become more stingy with aid, more ready to churn out the QT-Quantitative Tightening and to put an end to those old QE monetary bazookas launched at the time of Mario Draghi so dear to the most indebted countries in the euro area, due to the monetary restriction measures that they found themselves forced to launch to defeat the inflation tax. All this, while also spreading the fear that foreign investors might abandon Italy.

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Reuters anticipated this:

“The importance of purchases (of public debt) by retail investors is set to grow at a time when the ECB is withdrawing its support.”

And so we talked about BTP Italia and what would be the instrument produced by the Meloni government, which would later take the name of BTP Valore, like government bonds ready to play into the hands of the Meloni government, determined to hunt for buyers of new slices of public debt.

The same Italian public debt which, on several occasions, had been a source of anxiety in the markets, giving rise to more than a few doubts about the stability of the country itself.

BTP: State SOS for savings, where cash is everything

He had also been said to be the promoter of this call to arms Carlo Messina, CEO of Intesa SanPaolo, in an interview with La Stampa.

I believe that it would be fair to ensure that that money is invested in Italian government bonds. Do you have two billion abroad? You invest one in securities from your country. Just as those pension funds that allocate 90% of their resources abroad should invest more in government bonds. While we witness cases in which foreign companies buy Italian ones thanks also to our savings”.

The number one of Consob and former minister also leveraged patriotism Paolo Savona, with the wartime BTPs and popular shareholders.

At the end of 2022 the newspaper The Republic first of all he began to talk about the idea of ​​Meloni & Co aimed at producing a BTP reserved for Italians only, the Autarkic or even sovereignist BTP: a sort of BTP blinds Italy, which would then see the light, with its edition, in June 2023, proving Meloni’s aims right. Another BTP Valore would be launched in October 2023. At the end of January, the Treasury announced the third edition of the BTP Valore, which will officially launch tomorrow, Monday 26 February 2024.

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It must be said that, so far, the Meloni government has won the big bet launched on the BTP Valore and, therefore, on the BTP People. With the publication of a recent analysis, the FABI banking union led by the general secretary Lando Maria Sileoni expressed himself as follows:

The amount of our country’s public debt in private hands, both families and businesses, is growing – we read in Fabi’s analysis – In the last two years, in fact, the share of BOTs and BTPs held by small savers and companies has more than doubled and during 2023 there was a noticeable acceleration.”

The latest data available for research purposes “Family savings with the cost of money at 4.5%”, it’s November, month in which the Italian public debt reaches 2,855 billion euros.

In that month, he calculated the FABI, i “private individuals had 13.5% of BOTs and BTPs”, or “320 billion out of the total 2,378 billion of state issues”, confirming how many Italians responded enthusiastically to Meloni’s appeal “More government bonds in the hands of the people”.


BTP and BOT: they are increasingly tempting for Italians, the same goes for the stock market. Where do the savings go with ECB rates

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