Cdp, Giacomoni: Italian savings must be invested in the real economy

Cassa Depositi e Prestiti should “transform itself, also through Patrimonio Rilancio, into a real Sovereign Wealth Fund, a National Strategic Fund, a Fund of Funds, managed by Cdp, with the involvement of the main Italian financial institutions, for also addressing private savings. towards the real economy “. This is the wish of Sestino Giacomoni, Member of Parliament for Forza Italia, expressed on the occasion of the report of the Parliamentary Oversight Committee on the CoP, of which he is chairman.

75% of the more than 5 billion in financial wealth of Italian households and businesses, of which 1.8 billion in current accounts, are invested abroad and, as the Governor of the Bank of Italy recently recalled, only 5% is invested in Italian companies. It is a “paradoxical situation that needs to be reversed”, if in fact we invest 75% of “our savings in the real economy of the country we would have solved most of our problems”, because by supporting companies “we should, in addition to economic dividend, also a significant social dividend, in terms of growth and employment, “Giacomoni said.

In fact, in the current complexity and uncertainty, only the mobilization of private capital together with public resources can guarantee the achievement of the objectives of the PNR and the lasting consolidation of the country’s growth potential, “without which there is the risk to lose the true purpose of the plan “. In this sense, it is significant the introduction of the modification of the Decree Law of Relaunch, that allows to include in the Destined Patrimony the cash and the equivalents of cash of the taxpayers who intend to invest to support the growth of the economy real.

Greater powers and investments by the CDP

The functions and scope of activity of Cdp have already been expanded during this legislature, but new tools must be studied for the collection of postal savings and for the management of the Group’s investments, he continues. Giacomoni. The postal savings collected in more than 150 years have only been able to count on two instruments, postal books and postal savings vouchers, but the Commission has invited Cassa Depositi e Prestiti and Poste Italiane to identify other more innovative products “that allow the postal savings diversify their own investments, supporting companies and with the aim, in the medium and long term, of having a potentially higher return, to counteract the erosion caused by inflation, which now exceeds 7 percent ” . However, Cdp was invited to make its investments in different areas of the country in relation to the percentage of savings collected by the post office, taking into account, for example, that “the propensity to use the Postal savings are more widespread in the southern regions, where revenue is 40 percent of the total. “

The control commission prevented the CDP from becoming “government ATMs”

At the same time, you can’t expect too much from Cassa Depositi e Prestiti. On the other hand, Giacomoni recalls, Cassa’s investments are made using the postal savings of Italians and must therefore always be “financially and economically sustainable and with adequate profitability for savers”. The Commission has intervened on several occasions to ensure that postal savings are invested in the best possible way to protect savers and to “ensure adequate support for our productive system, but at the same time we have acted to prevent ‘current government using Cash Deposits and Loans as an ATM to resolve contingent issues, from Ilva to Alitalia’.

Greater powers in the Supervisory Committee

The extension of powers and the new prospects for strengthening the role of the COP must be accompanied by an adjustment by the Supervisory Committee, both in its structure and in the tasks it has to perform, explains Giacomoni. The Ministry of Economy and Finance, the Court of Auditors, the Council of State, the Bank of Italy, the senior management of Cassa Depositi e Prestiti and, of course, Parliament will have to cooperate. (All rights reserved)

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