Financial Stability Report - Financial Risk and Stability Network

Some relief may come
from the unfreezing of
general government
payments
Looking ahead, rms’ liquidity
situation will benet from
the new allocation of €10
billion that Cassa Depositi e
Prestiti has made available to
banks to nance small and medium-sized enterprises
and from the unfreezing of a rst tranche of general
government payments of commercial debts to
suppliers (see the box “e macroeconomic impact
of the unfreezing of general government debts”,
Economic Bulletin, April 2013). e recent
Government measure provides for €20 billion of
payments this year and the same amount in 2014;
rapid implementation of this provision is vital to
ease rms’ nancial constraints. Going forward, it
will be crucial to guarantee faster general government
payments within the limits of 30-60 days imposed
by EU Directive 2011/7 of 16 February 2011,
which entered into force last January.
The risks derive
from the recession
and difficulties in
accessing credit
Figure 2.5
Share of nancial debt held by rms
with a ratio of interest expense to gross
operating prot of more than 50 per cent (1)
(per cent)
e main risk factors for rms are the persistence of the adverse cyclical conditions
and diculties in accessing credit, which tend to create a vicious circle. In this
context, which is hard throughout the productive economy, companies connected
to the building sector appear to be particularly vulnerable.
BANCA D’ITALIA Financial Stability Report No. 5, April 2013 21
50
45
40
35
30
25
20
2008 2009 2010 2011 2012 (2) 2013 (2)
Source: Based on CERVED data.
(1) Calculated on the total nancial debt of rms in the CERVED sample.
Firms with negative or null gross operating prot are considered nancially
vulnerable. For the estimation methodology see the box “The exposure of
rms to a cyclical deterioration” in Financial Stability Report No. 2, November
2011. – (2) Estimated.
50
45
40
35
30
25
20