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Saturday, September 23, 2023

Superbonus, EnelX and the other platforms ready to take problem loans:

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The questionable formula is a must but perhaps we are at a turning point regarding the transfer of credits for the Superbonus; some banks, while not stating that they have reopened to all customers who request them, as far as we know they are still reopening for operations they find interesting. Responding to a parliamentary question, Secretary of State for the Economy Sandra Savino stated that he is willing to withdraw Intesa Sanpaolo and Sparkasse credits and the EnelX platform has the same intention, while Unicredit, Crédit Agricole, Poste and Bpm are preparing to reapply enter the market. Four private platforms are also operational, which mainly purchase from companies that have granted the discount on invoices: Finanza Tech, SIBonus, Giroconto and Innova Credit.

According to estimates by Ance, outstanding loans could even amount to 30 billion euros. Still, as we said, cautious optimism is legitimate. Where is it from? From the fact that banks now have more tax capacity, as explained by Christian Dominici, a Milanese accountant and owner of a company specializing in tax credits. “Customers today have the option to take out credit because, thanks to the interest rate hike, they have made much higher profits than expected and therefore have to pay more taxes; therefore, the local banks will probably re-enter the market in the coming weeks, which in any case have every interest in meeting the wishes of customers. In the current circumstances, taking out the credit is profitable and, following the clarifications of the tax authorities on gross negligence, is not very risky, provided that the checks are carried out, of course “.

“For the time being – continues Dominici – the specialized institutions have moved, banks that have no contact with private users but that buy from other financial institutions and that in turn can transfer credits to their professional customers in the upcoming payments with the F24 model. This is the same mechanism that the EnelX platform will obviously apply, when it is fully operational and has obtained the banking license, or a co-purchase agreement with a bank, required to then resell the credits to individuals and corporate clients”. .

EnelX was quoted by Secretary of State Savino, who also explained, however, that the platform, identified by the executive as the means of disposing of credit, will not launch until September. The need to operate as a bank, mentioned by Dominici, stems from the fact that only the first transfer (to a third party or to the company that makes the discount on the invoice) can be made to individuals, from the second it is necessary to switch to a bank, insurance company or supervised financial institution. With one exception, the banks can hand over to their customers: a potential pool, as far as Enel is concerned, of 26 million people (company data). The fully operational platform will thus be able to buy from individuals, companies and financial entities and sell to customers who have to pay taxes. However, it is essential that it is fully operational before the new deadline indicated (in fact, in February, there was talk of June), because those who have not yet managed to sell the credit still have time to avoid in 10 year opt for direct refund and then because November is the wave of F24 for tax advances.

The delay in EnelX’s departure will certainly reinforce requests already pushing to extend the December 31 deadline for rates of 110% (works communicated by 2022) or 90%. We remind you that from next year without renewals the rate will drop to 70%. The possibility of an extension will certainly be at the center of the debate over the 2024 budget bill. However, the MEF estimates that the return to the state resulting from the Superbonus will not reach half of the expenditure (Superbonus, how much did it cost the state ?Almost double the original estimate – Corriere.it). Another clash between politicians and technicians is expected. But the shopping list is too rich.

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Source: Corriere

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