2nd UPDATE: Italy Banks In EUR1.6 Billion Scheme To Lift Tourism
June 03 2009 - 11:55AM
Dow Jones News
Italian banks including UniCredit SpA (UCG.MI) and Intesa
Sanpaolo SpA (ISP.MI) will take part in a EUR1.6 billion scheme to
boost loans to companies operating in tourism, Premier Silvio
Berlusconi said Wednesday.
The plan, which also includes Banco Popolare (BP.MI), Banca
Popolare di Milano (PMI.MI) and Banca Popolare di Sondrio
(BPSO.MI), aims to make it easier for companies operating in
tourism to secure credit, Berlusconi said.
The prime minister said the government wants to nearly double
the contribution tourism makes to Italian national output -
currently around 10% of gross domestic product - in the next four
years. He said tourism accounts for 18% of Spain's GDP.
The tourism industry contracted around 5% in 2008 as the global
economic downturn hit travel to Italy's cultural and natural sites.
The sharp slowdown in the world economy is expected to lead the
Italian economy as a whole to contract by about 5% in 2009, marking
the worst recession since the Second World War.
Some 14,000 bank branches across Italy will provide low-interest
loans of up to EUR2 million for tourism buildings which need to be
renovated or rebuilt, the premier said in presenting the plan with
bank and tourist officials.
In a statement, UniCredit said it would take part in the scheme
by putting forward EUR500 million for small- and medium-sized
companies operating in tourism that want to develop their business.
Banco Popolare said it would contribute with EUR200 million.
Berlusconi told a press conference with his new tourism
minister, Michela Vittoria Brambilla, that he was proud of Italy's
banking system and reiterated that the country's banks are the most
solid in Europe.
The EUR1.6 billion in easier credit is available immediately so
that companies can take advantage of the summer season that has
just started, Brambilla said.
-By Luca Di Leo, Dow Jones Newswires; +39 06 697 66921;
luca.dileo@dowjones.com
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