50 billion withdrawn in 3 months – Corriere.it

It’s not exactly a bolt from the blue: to deal with the increase in energy bills and inflation, it was natural for those with savings to decide to draw on them so as not to have to make too many sacrifices and significantly change their lifestyle. Above all, then, at Christmas. And so, the piggy bank of Italians, after almost three years of constant growth (also thanks to the collapse of expenses during the long lockdowns), is empty again. In the last three months alone, more than 50 billion euros have been withdrawn from current accounts and other forms of savings. According to Bank of Italy data, in July the amount of household and business reserves deposited in Italian banks was 2,097 billion, while in October the figure dropped to 2,047 billion. This is a decrease of 2.4%, as explained by the Study Center of Unimpresa, according to which “the sudden outflow could have some repercussions” on the collection by banks and credit institutions.

The requests of Unimpresa

“What we have before our eyes is a dramatic situation that we, unfortunately, had been predicting for some time”, explains the president of Unimpresa, Giovanna Ferrara, underlining how “the strength and liquidity are failing, both for families and for businesses, especially smaller ones. The problem is given by the costs which, Ferrara insists, are “unsustainable”, while “the energy bills are no longer manageable”. That’s why, those who have the opportunity draw on their reserves. The government has been asked (with “urgency”) to launch “an extraordinary plan of public interventions and support starting in January”.

Italians and current accounts

As mentioned, until last July, there had been constant growth in Italian savings in the last two years: 1,823 billion in December 2019, 1,956 billion in December 2020, 2,050 billion in October 2021, 2,075 billion in December 2021. A trend towards accumulation which continued throughout the current year, except for reversing the course from August onwards. Above all, current accounts are the form of accumulation most used by companies and citizens, both during the savings phase and as a source to draw on in the event of quick liquidity: the total balance was equal to 1,182 billion at the end of 2019, at 1,349 billion at the end of 2020, to 1,449 billion in October 2021 and 1,480 billion in December 2021, and still increasing up to 1,497 billion up to July 2022. Then the decrease of 45 billion (-3.0%) to 1,452 billion touched last October. On the other hand, the trend of other forms of deposit and accumulation of liquidity was more linear, such as deposits with pre-established duration, deposits repayable at notice and repurchase agreements.