From mortgages to personal loans, from current account overdrafts to installment payments with credit cards: “There seems to be a sort of” cartel “among Italian banks in relation to the rates applied on all forms of financing:” this cartel o agreement on commercial practices, all to be concretely ascertained, seems to push interest rates on various forms of credit “skyrocketing”, very frequently up to the usury thresholds established by the Ministry of Economy and Finance ». This is what emerges from a research carried out by the Unimpresa Study Center, which analyzed data from the Ministry of the Economy, the Bank of Italy and the information sheets of six major credit groups in the country. The detailed analysis of the main Italian banking operators confirms, in fact, that the interest rate gap between the country’s credit institutions is extremely limited and, if the maximum legal interest aims to prevent abuse and excessive indebtedness, it pushes upwards all credit costs whatever it is. The threshold rates range from 6.26% for fixed rate mortgage loans to 23.92% for revolving credit (payments in installments with cards); from 6.91% of floating rate mortgages to 17.92% applied to the salary-backed loan; from 17.1% for credit openings up to € 5,000 to 15.86% for personal credit up to € 10,000. As for the average rates charged by banks, they range from 1.81% for fixed-rate mortgage loans to 15.94% for revolving credit (payments in installments with cards); from 2.33% of floating rate mortgages to 11.14% applied to the assignment of the fifth; from 10.52% for credit openings up to € 5,000 to 9.49% for personal credit up to € 10,000. «Our analysis shows that the banking system responds to the limits imposed by the law with a range of average rates applied to the various forms of financing that are not particularly varied and that none of them reach appreciably low values, when compared to the cost of money. All this in a situation that is already dramatically critical due to the pandemic and the resulting economic crisis and while we wait to understand if 2.7 million businesses and households, from July, will no longer be able to benefit from the moratorium on old loans, a figure equal to almost 300 billion euros ”, comments the vice president of Unimpresa, Salvo Politino.
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