Over the past 15 years, the responsibility for the credit tightening towards Italian companies has often been attributed to banks. However, the data suggest an opposite scenario: they would have been the same entrepreneurs to reduce the use of credit institutions, addressing the problem of liquidity through self -financing.
To highlight it is the Cgia Study Office; In support of this interpretation, there is also a clear decrease in the credit application on the part of companies in recent years. Thanks to the good economic results obtained, many activities still on the market have increased their savings, then allocating them to the coverage of current expenses and investments.
In almost 15 years -329 billion of loans
At the end of December 2011, at the beginning of the sovereign debt crisis, bank loans to Italian companies amounted to 995 billion euros. Towards the end of 2024, this figure has fallen to 666 billion, marking a contraction of 329 billion euros, equal to 33%. In parallel, in the same period, companies bank deposits increased from 219 to 519 billion, with an increase of 300 billion euros (+137%).
The reduction of credit to business is the result of a combination of factors. In addition to those already mentioned, the profound transformation of the banking system must be considered, triggered by the directives of the European Central Bank. The financial crises of the last decades have in fact led to the introduction of more rigid criteria in the assessment of credit merit and risk.
Furthermore, the banking institutions They had to significantly strengthen their level of property, adopting loans rationalization strategies, especially towards companies with a higher risk profile. This contributed to containing the incidence of deteriorated credits, which over the years have been progressively reduced thanks to the sale of suffering through the securitization market.
Falling aid for securitizations
In the period between 2011 and 2024, several periods of Credit contraction To companies: from 2012 to 2015, in 2019, in the first part of 2020 and starting from 2023 to date. It is important to underline that the phase of strong growth that occurred between mid -2020 and 2022 was the result of the measures adopted to face the pandemic crisis.
In particular, the Count 2 governments and dragons have introduced measures of credit supportincluding the 100% state guarantee on loans, which have allowed an increase in loans to non -financial companies, correct for securitizations and other sales.
The savings have grown above all to Northeast
Between November 2011, when companies to companies reached their maximum, and November 2024, the last available data, the most marked contraction was recorded in the Center (-42.6%) and in South (-42.4%). In absolute terms, the most significant drop concerned the South, with a reduction of 118.1 billion euros.
At the provincial level, the most accentuated flexions were observed in Siena (-59.1%), Savona (-58.9%), Syracuse (-56.8%), Novara (-53.8%) and Rovigo ( -52.4%). On the contrary, the only provinces in contrast were Trieste (+1.4%) and Bolzano (+1.5%). Overall, the national average marked a 34.9%drop.
The area that recorded the most marked increase in company deposits is the Northeastwith an increase of 178%. At the provincial level, the primacy belongs to Cremona, where companies deposits grew by 298.3%. Follow Bolzano (+281.6%), Enna (+278.9%), Salerno (+270%) and Potenza (+257.7%). The only province to mark a contraction of the savings was Siena, with a drop of 20.1%.
