Who and why presses to move Sace from Cdp to Mef
Sace dossier: facts, rumors and questions
Draghi and Giavazzi freeze Sace's passage from Cdp to Mef?
This is what the insiders are asking themselves given that for some time, already at the end of the Conte 2 government, the address of the Ministry of Economy had been reduced, for the purpose of a stalemate.
A stalemate – which for some is in fact an afterthought of Javanese inspiration – which continues (and according to some observers is strengthened) with the Draghi government.
There are those who doubt that the structure of the Treasury – that is the general management of the Mef headed by Alessandro Rivera – will change its approach compared to what has already been foreseen by Mef decrees, even if the actual share transfer of Sace from Cassa Depositi e Prestiti is missing to the Ministry of Economy.
However, everything is in the hands of Prime Minister Draghi (and his special advisor on these matters, Francesco Giavazzi) and the Minister of Economy, Daniele Franco.
There is no lack of arguments in favor of the transfer of the insurance and reinsurance company to export from Cdp to the Ministry of the Economy, note some professionals who have followed the dossier as advisors.
In the first place, if Sace were to remain under the CDP, the governance problem that the new structure would have had to solve would arise again, but in an accentuated way.
The exponential growth of the risks covered by the Mef, equal to 90% of the new and previous total, would determine the presence of a 100% shareholder (Cdp) – holder of the typical responsibilities of the shareholder to which it is not possible to abdicate – but at the same time beneficiary direct and indirect of Sace's services as lender of export credit transactions and shareholder of large exporters – and a stakeholder guaranteeing 90% of the risks assumed by Sace but without effective governance over the agency.
Under Cdp – always whisper advisor of the dossier – Sace's governance has been short-circuited due to the split between a single reference and controlling shareholder (Cdp) – who is also the beneficiary of the services – and a substantial guarantor (Mef, given that 90% of Sace's old and new foreign commitments have been moved to the state budget), but without the company's governance.
So the Treasury is pushing to avoid a reverse of Palazzo Chigi on the passage of Sace from Cdp to Mef?
Appointment to the next episodes.
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Draghi and Giavazzi freeze Sace's passage from Cdp to Mef?
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/chi-e-perche-preme-per-spostare-la-sace-da-cdp-al-mef/ on Fri, 18 Jun 2021 05:11:09 +0000.