Sace, Simest and Cdp, this is what Fincantieri asks Conte
What did Fincantieri's number one, Bono, say (and what he hinted at …) when he spoke to Prime Minister Conte in Monfalcone … Facts and indiscretions
“We have done a lot, we do the last mile. We face the last period without suffering damage that could be irreparable ”. This is the "heartfelt" appeal that the CEO of Fincantieri, Giuseppe Bono, addressed to Prime Minister Giuseppe Conte, in connection from Rome, on the occasion of the delivery of the hundredth cruise ship, the Enchanted Princess.
Bono – according to the Ansa report – did not ask for financial aid but for support, the continuation of the “aid system (export credit, ed ) for shipping companies” which “has worked very well up to now. Let's give him the final push: better to risk today and have a future than not have it ".
What is Bono referring to? According to government rumors, the message that Bono wanted to launch at Palazzo Chigi is the following: the consolidated and fruitful relationship between Fincantieri and Sace for the export guarantees of ships must not be affected.
It is no coincidence that Fincantieri's number one in a very long course ( which a part of the 5 Star Movement wanted to saw when the renewal of offices was decided ) said among other things, referring to Conte: continue with "the system of financial aid to shipping companies ”through Sace ( the company that will soon pass by the Treasury from the CDP to the Ministry of Economy ). A system "that has worked very well up to now: it is better to risk today and have a future than not have it, we must not be afraid", said Bono according to the chronicle of the newspaper Il Piccolo di Trieste.
It was no coincidence that in Monfalcone the managing director of Sace, Pierfrancesco Latini, was next to Bono when the Fincantieri head of the company sent these messages to Conte.
Just as the insiders remember that Latini was called to the CDP years ago by Fabio Gallia, at the time number one of Cassa Depositi e Prestiti and now, from September 2020, general manager of Fincantieri .
But what are the technical issues underlying Bono's demands and expectations?
There are three state organizations that support Italian exports: Sace, which provides medium and long-term export credit insurance guaranteed by the Italian Republic, and Cdp, which provides liquidity for loans granted to foreign buyers guaranteed by coverage of Sace, and Simest (which is part of the Sace group but it is not yet known whether it will pass as Sace under the Mef or not) which provides an interest subsidy and their stabilization on export credits guaranteed by Sace.
According to industry observers, such long-term investments for shipping companies would hardly receive financing even at 12 years on the market, which would cost too much and therefore would be unattractive.
Basically, says an insider familiar with the dossier, Bono wanted to say to Conte: don't touch the current systemic concert that sees Sace as a pivot.
Evidently – according to ministerial indiscretions – for the passage of Sace-Simest from Cdp to Mef there are problems to be solved concerning governance, perimeter of activity, price to pay for the passage of the companies, etc.
And Bono warned Conte.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/smartcity/sace-simest-e-cdp-ecco-cosa-chiede-fincantieri-a-conte/ on Thu, 01 Oct 2020 14:30:32 +0000.