the initiatives of Enel X, Unicredit and Intesa Sanpaolo-Corriere.it

The tax credits of the Superbonus that have remained stranded amount to approximately 20 billion. After Intesa Sanpaolo, Unicredit has also reopened the assignment of receivables through a securitization company of the EBS Finance Group. Another solution could be the one proposed by Enel X: a platform with a banking license that purchases tax credits, certified as certain, liquid and collectable from a first transferee, and acts as a bridge to transfer these credits again to third parties. The role of first assignee, according to the model conceived by Enel X, would belong precisely to the so-called Escos, companies operating in the field of energy efficiency.

How the platform would work

The platform, which should become operational in June, will not be managed by Enel X, but by financial entities. According to Only 24 Hours the vehicle of the operation would be Artigiancassa, controlled by the Bnl Bnp group and participated by Confartigianato, the cooperative credit group Iccrea would also be in negotiation to buy a share. The platform should issue bonds to buy the credits which it will then sell to companies which in this way will be able to buy taxes and contributions. Individuals/companies accessing the mechanism would benefit from a profit margin by purchasing the credit with a slight discount close to the tax payment deadline and would have a reduction in the tax wedge.

What Unicredit is doing

On April 3, Unicredit reopened the transfer market. The purchase is made by the securitization company of the EBS Finance Group, which will subsequently transfer them to third party customers. Unicredit announces that it has finalized 6 agreements with important market players for the re-transfer of credits. And 11 more deals are on the way. The economic conditions for the transfer proposed by Unicredit are: for the Superbonus 85.80% of the nominal value of the accrued tax credit (equivalent to 94.38 euros for every 100 spent); for bonuses over 10 years, 70.00% of the nominal value of the tax credit accrued (for example, this means 35 euros for every 100 spent on the maintenance bonus); for bonuses spread over five years, 82.60% of the nominal value of the tax credit accrued (for example, this means €61.95 for every €100 spent on the architectural barriers bonus).

What is Understanding doing?

Intesa Sanpaolo was the first bank to implement the provision of the Aid decree for the receipt of tax credits and in recent days it signed a new agreement with the Luiss Guido Carli University for a tax value of 60 million euros. The bank has used and continues to use this instrument on an ongoing basis and has entered into transfer contracts for over 6 billion euro. The goal is to continue to involve a large number of companies to reactivate the credit transfer market and the contract signed with the Luiss Guido Carli University responds exactly to this logic, explains the group in a note.