According to the president Abi “there is a rigidity, which does not depend on the banks, deriving from the rules of the European authority Eba which is very strict for mortgage restructurings”
Variable-rate borrowers who face the increase in the installment “must raise the problem with the bank before the problem explodes” because in this way the institutions can, if customers are up-to-date with payments, re-discuss and remodulate the duration and the amount or use the instruments of subrogation or public funds for those in difficulty such as the Gasparrini Fund. Antonio Patuelli affirms it to our microphones. According to the president Abi “there is a rigidity, which does not depend on the banks, deriving from the rules of the European authority Eba which is very strict for mortgage restructurings”. The ABI president recalled that 63% of mortgages are fixed-rate and the banks “are already making an effort” given the increase in funding costs. “Apart from the current account which is a service, the banks advertise, in competition with each other, deposit accounts with rates of 3-4%”. Patuelli then added that it is also in the interest of the banks that businesses and households do not see “their debt deteriorating”.
Risk of recession
The risk of recession due to the ECB’s rate hike “exists, I’ve been saying this since 3 January because the more rates are raised, the more the costs of households and businesses become heavier” continues the president of the ABI. “I am for trying to fight inflation which is a bad beast, an unfair tax but monetary policies cannot do everything”. Patuelli recalled the high inflation historically present in Italy, apart from the last decade of zero interest rates and underlined how “all the experts predict that this squeeze will not last”. The Italian institutions “can certainly” do their part “by reducing the public debt which has grown in recent years with zero interest rates and be very careful in the management of public expenditure with a very strict budget balance to strengthen confidence and investment in the ‘Italy”.