The ECB ax on the North-West new charges for 1.76 billion

Turin. The moves of the European Central Bank are also starting to make themselves felt on the balance sheets of companies in the North-West. Only Piedmontese entrepreneurs, highlights the latest report by the analysis firm Studio Temporary Manager, in 2023 will pay interest on loans, mortgages and leasing for a total value of 2.52 billion euros a year, about one billion more than in 2022. In the case of Liguria, 674 million, plus 287 million over 2022. In that of Valle d’Aosta, the total amount will be 91 million, plus 39 million compared to last year. Total, 1.76 billion more. Numbers destined to rise, hand in hand with the normalization of the ECB.

Greater charges just when it would not be useful. Because if it is true that the increase in interest rates is necessary to keep flare-ups of inflation at bay, it is equally true that it risks eroding the country’s economic growth potential.

Especially in a crucial industrial segment, both for the energy transition and for manufacturing, such as the north-west, this is no small problem. “The 50 basis point increase in March by the ECB will have many consequences for “virtuous” companies which in recent years have made extensive use of debt to make investments”, explains Roberto La Caria, CEO of Stm. Which also looks at the financial burdens of companies in the North-West. Which with 69.886 billion euros in loans is almost on a par with Veneto in terms of firepower.

The ECB process “will most likely have a strong impact on burdens, even tripling them on an annual basis,” notes La Caria. A difficult scenario, he explains, because Italian companies, and those in the North-West are not excluded, are characterized by “a small size, low capitalization and heavy recourse to debt, both for consumers and for the whole system financial”.

The difficulties are high, but there are possible solutions. For their profitability and in some cases survival itself, underlines Stm, «companies must focus on reducing working capital and production costs, intervening on organization and efficiency». And therefore to mitigate the risk of recession, which according to the ECB and the Bank of Italy has not yet been completely eliminated by 2023.