MILAN, Apr. 9 (Class Editori) - The State will support the export. At least as regards the large groups active globally. In fact, the decree law on guarantees for liquidity for enterprises, with SACE as the pivot of the new system, also renews the agreement between the Ministry of Economy and the insurance group on concentrated risks, expired two years ago. It is a positive news for the big Italian exports, which in this stall have struggled to obtain the guarantees to close the contracts awarded abroad, starting from Fincantieri, perhaps the most exposed group in the dispute between MEF and Cassa Depositi e Prestiti on how to understand the role of SACE in non-market transactions.
In the end, it was decided that from now on the Treasury will take on almost entirely this type of exposure, putting 90% on its responsibilities, with only 10% remaining to be borne by the company led by President Rodolfo Errore. A real turning point if you think that the old agreement provided for a standard coverage of 50%, which can be increased up to 80% only after authorization by Cipe. A dated mechanism, which had proved inadequate in times of competition on a global scale.
However, the renewal of the legislative text that governs the relations between the public counterparty and the insurer has come up against various obstacles, starting with the tense relations between the former Minister of Economy, Giovanni Tria, and the CEO of the CDP, Fabrizio Palermo.
But the question was also of substance, the MEF was not in principle opposed to taking more risks but did not want to accept having to expose itself in such an unbalanced way without having a say on the choices: where and who to insure with the state counter-guarantee of 90%. Now the situation, with the Democratic Party that tried to bring SACE back under the banner of the MEF, and the M5s which instead defended its permanence under the banner of the CDP group, has been resolved with the victory of the latter approach but paying the price of a substantial transfer of management to the Treasury.
First of all as regards the issue of export insurance for large groups. The guidelines of the new agreement, in fact, provide that for operations that highlight a particular concentration of risks on a subject, a sector or a country, it will be necessary to go through an authorization decree of the MEF. To finance the commitments will be a special fund which will bring together the prizes "collected by SACE on behalf of the Ministry".
The company will receive a commission for its inquiries and will manage the fund but will always be following the addresses of the Treasury. The ten-year agreement will then specifically define the way in which the insurance group will have to move forward with the preliminary investigations and the issue of guarantees and a possible minimum level of capitalization.
However, the decree goes beyond the issue of managing large export orders and redefines relations between SACE and CDP, which loses its direction and control, entrusted directly to the Economy, with which SACE will have to consult for the activities related to new guarantees for liquidity and for export support. Furthermore, Cassa will have to agree with the Treasury on the management of voting rights and on the general management of participation. (All rights reserved)
(Source:Class Editori)
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