50 billion withdrawn in 3 months –

It’s not just a bolt from the blue: To deal with rising energy bills and inflation It was only natural that those with savings decided to rely on them so that they would not have to make so many sacrifices and drastically change their lifestyle. Above all, then, on Christmas. And so the Italians’ piggy bank, after nearly three years of continuous growth (also thanks to a collapse in expenses during the long lockdowns), is empty again. In the past three months alone, more than €50 billion has been withdrawn from checking accounts and other forms of savings. According to the data of the Bank of Italy, the volume of household and commercial reserves deposited in Italian banks in July amounted to 2097 billion, while in October the figure fell to 2047 billion. This represents a decrease of 2.4%, explained the Study Center of Unipresa, as “the sudden influx may have some repercussions” on collections by banks and credit institutions.

Unipresa requests

“What we see before our eyes is a tragic situation that we, unfortunately, have been anticipating for some time,” explains Unipresa President Giovanna Ferrara, stressing the “failure of power and liquidity, both for families and for companies, especially smaller ones. The problem lies in costs, which Ferrara stresses are “Not sustainable”, while “energy bills are no longer manageable”. For this reason, those who have the opportunity are drawing on their reserves. The government has been asked (urgently) to launch an “extraordinary plan of public interventions and support starting in January”.

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Italians and current accounts

As we mentioned, until last July, there was a continuous growth in Italian savings in the past two years: 1,823 billion in December 2019, 1,956 billion in December 2020, 2050 billion in October 2021, 2075 billion in December 2021. A trend towards accumulation that has persisted throughout Current year, except for trend reversal from August onwards. Above all, current accounts are the form of accumulation most used by companies and citizens, both during the saving phase and as a source to benefit from in case of quick liquidity: the total balance was equal to 1,182 billion at the end of 2019, at 1,349 billion at the end of 2020 , to 1,449 billion in October 2021 and 1,480 billion in December 2021, still rising to 1,497 billion through July 2022. Then it decreased by 45 billion (-3.0%) to 1,452 billion. October. On the other hand, the trend of other forms of deposits and liquidity accumulation has been linear, such as deposits of predetermined duration, deposits that can be paid on notice and repurchase agreements.

Thelma Binder

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