Overview

• The Economy Ministry is studying a levy on share repurchases, with design work ongoing and no legislative text released.
• Officials are evaluating whether to limit the measure to major lenders or extend it to other listed firms, including insurers, to avoid discrimination concerns.
• The ruling coalition is split as Matteo Salvini presses for a bank contribution, Antonio Tajani rejects new taxes, and Fratelli d'Italia urges negotiation; the ABI has not been consulted.
• Bank stocks eased on the reports, with Monte dei Paschi and Intesa Sanpaolo down about 0.2% and UniCredit off roughly 0.5%.
• The fiscal backdrop includes a third straight freeze of DTA measures, expected to raise about €4 billion across 2025–2026, with proceeds discussed for IRPEF cuts to the middle class or to halt a pension-age adjustment.