Intesa Sanpaolo grants the loan to FCA of 6.3 billion euros, required to be able to restart after the exhausting lockdown period caused by the Coronavirus. The money obtained is used by the Group’s Italian businesses.
In this way FCA will be able to pay employees and suppliers and secure the realization of investments, especially those that concern the development and electrification of new models. The board of directors of Intesa Sanpaolo has approved the financing, the motivation is clear: it believes that it is really important and necessary for the entire Italian automotive supply chain, which has been in deep crisis for weeks now.
As soon as the public guarantee recognized by SACE, equal to 80% of the amount, arrives and once the contractual process with FCa Italy is completed, then the resolution will be effective. This is a guarantee that must fall within a decree of the MEF, which will be published in the Official Gazette after approval by the Court of Auditors, this is what the Liquidity Decree requires.
Intesa Sanpaolo has defined an innovative mechanism that serves to ensure compliance with the commitments undertaken, after the scandal unleashed a few days ago, which involves the use of dedicated current accounts to pay suppliers, support investments and remunerate employees, only in this this demonstrates the great support that is intended to be given to the supply chain. In fact, the effects in terms of employment, investment and sustainable innovation”Of this intervention.
The automotive supply chain in Italy is made up of many small and medium-sized supplier companies, in this phase of total restart of the country’s economy, they are decidedly important companies, they will in fact be able to “act as a flywheel also in a wider key to face the difficult context generated by the Covid-19 epidemic ”. Fiom says that “across Europe the major governments are taking action to make the automotive industry safe“, Asks the government” to convene a meeting with the unions on the future employment of FCA and to be promoter of a plan with the European Union and in particular with the French government on the mobility sector “.
“It is a historic moment – declares Fiom – the State should not leave the workers alone in the sector “. On a political level there is some doubt, Mariastella Gelmini, group leader of Forza Italia in the Chamber of Deputies, says that “it is a defeat of the line carried forward in the majority by the 5 Star Movement and by the radical left “, Fabio Rampelli of FdI asks the Government to” not sign any blank bills “. (Source ANSA)