Doubts regarding the granting of Sace guarantees for the benefit of Italian industries and companies affected by the economic crisis that arose following the Coronavirus emergency and the long lockdown period. With the aim of restarting the country, through the Liquidity decree the government intends to come to the rescue of all those companies in difficulty, promising loans of up to € 200 billion guaranteed by the state and managed by Sace S.p.a.

When examined in the Chamber, the decree received a positive opinion on 27 May, and was therefore presented to the Senate, required to speak within the first week of June. After carefully analyzing the document, the technicians expressed serious doubts about Sace guarantees, which could have a strong impact impact on the accounts. The risk, say the Senate, is that this form of state aid may find opposition from Eurostat, that is, from the Statistical Office of the European Union.

Therefore, paying more attention is the warning from the Senate.

The technicians then go on to explain that, as regards the changes made to the decree to guarantee loans to companies now in crisis, these do not determine“Directly new or greater charges for public finance, as further exposures will be met within the limits of the funds available. However, they will involve a faster use of the same (loans) and consequently the need for futures refinancings. This circumstance is even more probable for those transactions which, due to their greater riskiness, will require a greater absorption of said funds “, reads in the dossier of the Budget Service, as reported by “AdnKronos”.

Added to this is the fact that, in the opinion of the technicians of the Senate, these Sace guarantees are considered as “not standardized“. They can therefore be accounted for in terms of net balance, but not in terms of net debt. “However, it should be noted that the absence of estimates of effects on needs (related to the enforcement of guarantees) would not seem inspired by criteria of sufficient prudence, especially in light of the unfavorable overall economic situation”, they add again from the Senate.“The same inclusion within the category of non-standardized guarantees may not be shared at the venue Eurostat, considering that in the present case it is presumably a very large number of guarantees on which it would be possible to make probabilistic forecasts on the percentages of enforcement of the guarantees and consequently on the impact on public accounts “, continue in their analysis.