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Regarding Npl, real estate credits releasing regulation


In the chapter of the operation regarding growth will also be included a regulation to favour the securitisation mechanism of real estate credits. A measure whose urgency was expressed in various meetings by the banking system concerning the disposal of the Npls ( non performing loans).

The regulation should simplify the management of real estate guarantees on non performing loans. It implies making more fluid the mechanism that lies on the Reocos ( Real estate owned company) which depend on the banks.

The Reocos, according to one of the versions of the regulation still in progress, should act basically with greater margins as a vehicle society to promote the real estate coming from non performing loans, protecting in this way the assets of the bank. All things considered an update regarding the law 130 from 1999 on securitisation of credits, which could represent one the main highlights within the entire administrative order.

This kind of intervention should be substantially at zero cost, and according to the experts of the government, it should have the advantage to accelerate the disposal of the Npls, freeing in this way new bank credit for the companies.

On the listed measures of the operation should also be present the confirmation of the extension of the public guarantee to non banking subjects, such as the Fias (alternative investments funds), authorized to provide loans to the companies according to the law on the “direct leading”. The operation of extension of the Industria 4.0 plan should be instead an exception to the general rule of “zero cost”. In this case – we’re talking about a fiscal iperamortisation at 250% for machinery and devices functional to the digitalization – the extension from 30th June 2018 to 31st December 2018 of the deadline for the delivery of the assets ( upon payment of a deposit of at least 20% within 2017) is coming. The measure should not concern the superamortisations at 140% for traditional assets and, according to the first calculations, the financial coverage should be limited to a hundred million yearly between 2019 and 2023.

In a “post-Brexit” context, besides, we should remind the possible correction of the fiscal treatment of the so-called carried interest which should be aimed at making the Italian financial marketplace more attractive for the investment funds potentially exiting from the City. With carried interest, we mean the variable remuneration distributed to the professionals, fund managers, when, at the end of the investment period and in the phase of disinvestment of the shares, the minimum profits for the shareholders are exceeded. Therefore the transition from the income taxation to that of capital gain is under study.

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