Jean Pierre Mustier, Unicredit managing director and president of the Ebf, the federation of European banks announced that from 2020 the institute will be able to ask customers with over 100 thousand euros in stock to pay to leave the money on the current account.
The percentage applied could be the 0,50%, equal to the value of the negative rates that the European Central Bank will apply from the 31 October to the stocks of the same credit institutions, after the outgoing governor Mario Draghi brought the rates from -0,40% to -0,50 %.
According to the data reported by Corriere della Sera and the Bank of Italy data, current accounts between households, businesses and the public administration are worth 1.168 billion in Italy. With the "gabelle" of 0,50%, the revenues for the banks would amount to approximately 6 billion euros. The numbers game is mitigated by reality because banks pay 0,5% only on a portion of the money they park at the ECB, or the part that exceeds the compulsory reserve multiplied by six.
In September, the compulsory reserve was worth 15,8 billion: therefore the banks will pay 0,5% on deposits in the ECB exceeding 95 billion (15,8 x 6). They took a breath to avoid further increases, because today Italian banks deposit only 88 billion in Frankfurt. There is a lung of 7 billion. The other reason for not expecting a -0,5% to the ground is that, so far, even abroad, the subzero rates are applied only on large sums. The German rural coffers, for example, over 100 thousand euros. And in Switzerland, UBS is preparing to do so for account holders over 2 million francs, Credit Suisse over 100 million. It is clear, however, that it is not worth keeping more than 100 thousand euros in the bank. Also because above this threshold you are not covered by the Fidt, the Italian Deposit Protection Fund. It is the parachute that protects if the bank goes bankrupt and reimburses up to XNUMX thousand euros.
Furthermore, the rates for savers are already at historic lows. The average return on traditional current accounts is zero (against maximum passive rates around 14%), now it is also on online accounts.
According to the latest analysis of the Corriere Economy among the major banks, the cost for an account is 145 euros per year. Added to inflation, this means that ten thousand euros left standing for five years could be reduced to around 8 thousand.
Businesses would be the most affected due to the capital held in current accounts. In one year, Corriere della Sera writes, the money put into the bank by companies, including current accounts, time deposits and repurchase agreements, increased by 9,9% to 370,4 billion, according to data from the Bank of Italy referred to August 2018/19.
Another alarm is given by the fact that loans to businesses are falling: -0,7% to 727,7 billion. Companies do not invest and prefer to accumulate money in the bank and do not borrow money.
Andrea Montanino, economist of Confindustria, affirms that an operation like this above 100 thousand euros can be a push to move money from current accounts by favoring investments for companies, or investments in banking products.