Italy's Infrastructure Minister Matteo Salvini attends the upper house of parliament ahead of a confidence vote for the new government, in Rome, Italy, October 26, 2022.
REUTERS/Guglielmo MangiapaneLONDON, Aug 8 (Reuters Breakingviews) - As summer surprises go, the one Matteo Salvini sprung on Italy’s banking sector on Monday evening was as unwelcome as they get.
In a late-night press conference, Italy’s deputy prime minister announced a windfall levy on lenders’ profits to help pay for cheaper mortgages and income tax cuts.
The government is looking to raise less than 3 billion euros from the tax, Reuters reported citing sources close to the matter.
Shares in Italy’s two largest banks – Intesa Sanpaolo (ISP.MI) and UniCredit (CRDI.MI) – dropped more than 5% in morning trading.
Persons:
Matteo Salvini, Guglielmo Mangiapane, –, Siena, Francesco Guerrera, headwinds, Peter Thal Larsen, Streisand Neto
Organizations:
Italy's, REUTERS, Guglielmo Mangiapane LONDON, Reuters, Banco, Banca Monte dei, Twitter, Siemens, Thomson
Locations:
Rome, Italy, Spain, Hungary