Bankinter: The Italian government surprises negatively by announcing an extraordinary tax on banks.
Assessment: It seems that the government intends to raise up to €2 billion in this way. The details of the tax are still unknown, but it seems that its scope would be limited to the results of 2023. This is bad news because the collection target represents ~14.0% of sector Profit in 2022 and ~10.5% of estimated NAB in 2023. It is a significant increase in taxation that reduces the sector’s capital generation and creates regulatory uncertainty.
