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Italy shocks banks with 40 percent windfall tax for 2023

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Re: Italy shocks banks with 40 percent windfall tax for 2023

#21

Post by bryanrasmussen »

ffhhttt wrote: post #15
toyg wrote: post #9

Earlier quoted context omitted.

> It also implies a booming, healthy economy where more people want.money to start businesses Lol, have you ever been to Italy...? Banks will not lend to you unless you're quite rich already. Catholicism says debit bad , and the country is pretty conservative as a whole. Italian banks making money implies two things: them screwing consumers (famously called literally "available cattle", il parco buoi , in local finan…

What does that have do with Religion? Most banks everywhere behave the same way..

highly religious countries trend more conservative.

Italy is a highly conservative country.

Not sure if that explains their financial problems, probably not.

on edit: An Italian coworker just pointed out he wouldn't say Italy was very conservative, which I guess in a lot of ways is true - especially when compared to U.S and some other countries.

Maybe actually the 'Conservative' - 'Liberal' labeling doesn't work well in this case, for example Italians believe in free health care and in my experience do a better job at it than Denmark. In the U.S free health care is "anti-conservative"

Re: Italy shocks banks with 40 percent windfall tax for 2023

#22

Post by olivierlacan »

TheFattestNinja wrote: post #19
ricardobayes wrote: post #16

Earlier quoted context omitted.

In Europe banks give 2-2.5% on deposits these days while real inflation is in double digits, at least. When US banks give double the yield on deposits you know something's off.

That's not true. You can easily get, in Italy, over 4% on 12mo-locked saving accounts (random comparison website : https://www.confrontaconti.it/conto-migliore/miglior-conto-d... ), and Italy inflation right now is around 6%.

That's not comparable at all to 4.80% APY savings and checking accounts in the U.S. right now with far more flexible rules.

This kind of return on ultra flexible accounts is basically unheard of in most of Europe in recent memory as far as I know (born & lived in Europe as recently as 2019). What you describe are called Certificate of Deposit (CDs) in the U.S. and you can get 5.50% for those in August 2023 [1].

[1]: https://www.nerdwallet.com/best/banking/cd-rates

Re: Italy shocks banks with 40 percent windfall tax for 2023

#25

Post by swarnie »

2Gkashmiri wrote: post #5

so.... if banks make "super profit", doesnt that imply they managed to gouge customers by charging them excess % on their loans and fucked depositors by giving them less % on their deposits?

My grasp of capitalist theory is somewhat lacking but is this the point where the invisible hand would conjure up a competitor whith lower rates and higher pay outs, taking business from the gouging banks?

Re: Italy shocks banks with 40 percent windfall tax for 2023

#26

Post by emanuele232 »

toyg wrote: post #9
MrYellowP wrote: post #6

Earlier quoted context omitted.

It also implies a booming, healthy economy where more people want money to start businesses. Also, you can choose your tyrant. If the bank you're at offers you shitty deals, switch the bank. Nobody forces you to accept bad deals. By the way, do you have time to talk about this amazing money-doubling service I've created?

> It also implies a booming, healthy economy where more people want.money to start businesses Lol, have you ever been to Italy...? Banks will not lend to you unless you're quite rich already. Catholicism says debit bad , and the country is pretty conservative as a whole. Italian banks making money implies two things: them screwing consumers (famously called literally "available cattle", il parco buoi , in local finan…

??? have YOU ever been to italy? from my experience banks are totally going to lend you money for you mortgage if you have a non-temporary contract that covers 80% of your house cost.

you just need to have roughly 30% of the house cost cash and a stable job that pays enough, but with a 1.3k net salary (median income) and 30k you can totally buy a 110k home

talking about the north, if you live in the south just move already xd

Re: Italy shocks banks with 40 percent windfall tax for 2023

#27

Post by ffhhttt »

ir123 wrote: post #20
ffhhttt wrote: post #15

Earlier quoted context omitted.

What does that have do with Religion? Most banks everywhere behave the same way..

Islam forbids interest, so religion kinda has something to do with banks. But capitalism uh.. finds a way

Yeah, I’m talking about Italy specifically here. You know.. the birthplace of modern banking.

Re: Italy shocks banks with 40 percent windfall tax for 2023

#28

Post by wolfhumble »

toyg wrote: post #9
MrYellowP wrote: post #6

Earlier quoted context omitted.

It also implies a booming, healthy economy where more people want money to start businesses. Also, you can choose your tyrant. If the bank you're at offers you shitty deals, switch the bank. Nobody forces you to accept bad deals. By the way, do you have time to talk about this amazing money-doubling service I've created?

> It also implies a booming, healthy economy where more people want.money to start businesses Lol, have you ever been to Italy...? Banks will not lend to you unless you're quite rich already. Catholicism says debit bad , and the country is pretty conservative as a whole. Italian banks making money implies two things: them screwing consumers (famously called literally "available cattle", il parco buoi , in local finan…

> Catholicism says debit bad, and the country is pretty conservative as a whole.

From Wikipedia: "The present era of banking can be traced to medieval and early Renaissance Italy, to the rich cities in the centre and north like Florence, Lucca, Siena, Venice and Genoa. The Bardi and Peruzzi families dominated banking in 14th-century Florence, establishing branches in many other parts of Europe."

. . .

"The word bank was taken into Middle English from Middle French banque, from Old Italian banco, meaning "table", from Old High German banc, bank "bench, counter". Benches were used as makeshift desks or exchange counters during the Renaissance by Florentine bankers, who used to make their transactions atop desks covered by green tablecloths."

Re: Italy shocks banks with 40 percent windfall tax for 2023

#29

Post by ffhhttt »

bryanrasmussen wrote: post #21
ffhhttt wrote: post #15

Earlier quoted context omitted.

What does that have do with Religion? Most banks everywhere behave the same way..

highly religious countries trend more conservative. Italy is a highly conservative country. Not sure if that explains their financial problems, probably not. on edit: An Italian coworker just pointed out he wouldn't say Italy was very conservative, which I guess in a lot of ways is true - especially when compared to U.S and some other countries. Maybe actually the 'Conservative' - 'Liberal' labeling doesn't work well…

I wouldn’t define Italy as highly conservative especially the north where most of economic activity is concentrated. If we did that we’d have to say that some Eastern European countries are “ultra” conservative.

> Not sure if that explains their financial problems, probably not.

I would say Switzerland is pretty conservative as well (if not more in some aspects but less in others)

Re: Italy shocks banks with 40 percent windfall tax for 2023

#30

Post by LatteLazy »

2Gkashmiri wrote: post #5

so.... if banks make "super profit", doesnt that imply they managed to gouge customers by charging them excess % on their loans and fucked depositors by giving them less % on their deposits?

That depends what you mean by customers and "gouged".

The vast majority of deposits come from companies and ultra wealthy individuals. Your average human customer is a borrower.

You also have to remember the regime we were and are in: 2 years ago, banks borrowed or paid depositors .5% and charged borrowers 1%. A shitty .5% gross margin.

Now, if they borrow at 4% and charge 6% that's 4x the return (2% Vs .5%). But it's also (a) move average historically and (b) smaller as a spread.

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