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Patrimonio Destinato

Hello and good afternoon by Giulio Centemero on giuliocentemero.com.

Today we have session for the final vote to the budget law. But I’d like to talk to you about something else: the so called “Patrimonio Destinato”, roughly translated in “destined equity”. The “destined equity” has been created by the relaunch decree and it’s a fund allocated through the assignment to CDP of goods by the Ministry of the Economy and Finance. In order to do so for 2020 it is authorized the assignment to CDP of govies and other liquidity for maximum 44 billions. As a matter of fact it is a public fund completely managed by CDP. A portfolio of asset management firms, perhaps chosen through a public tendering procedure would have probably ensured a more effective, efficient and transparent management. I asked in a hearing the reason of this choice to the General Director of the Treasury, mr. Rivera, who answered they didn’t find it an interesting option. But competition is the soul of the free market and leads to the best results, in this case for the citizens. Moreover the fund, whose purpose is to sustain and relaunch the economic and productive system, would have liven up also a part of our financial sector.