Italian bank shares rebounded on Wednesday after the government tried to soothe market tensions by partially backtracking on its unexpected windfall levy on the sector.
The finance ministry said the tax on net interest income would be capped at 0.1 per cent of the bank’s total assets. Analysts at Jefferies said this cap would “greatly reduce” the measure’s impact by cutting the total levy collection from €4.5bn to €2.5bn or less.
Shares in Intesa Sanpaolo and UniCredit, Italy’s two largest banks, gained 2.8 per cent and 4.4 per cent, respectively, by mid-afternoon but remained below last week’s levels.
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