Italian banks recover lost ground as Rome limits windfall tax

By Agence France-Presse

Aug 11, 2023 12:08 am

The sector had shed around $10 billion Tuesday on an initial announcement of a plan by the far-right government of Giorgia Meloni to take 40 percent of 'surplus profits' before the finance ministry stepped in to clarify and 'preserve the stability of banking institutions' and calm a market storm.

Shares in major banks had plunged on Tuesday after Deputy Prime Minister Matteo Salvini told reporters the tax would be levied on profits the banks had netted in the wake of the European Central Bank's (ECB) recent interest rate hikes.

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