Salvini of struggle and government: 'Sánchez is right about taxes on banks, we will go all the way with the budget law'

Matteo Salvini, Italy’s deputy premier and leader of the League party, has announced plans to request a 5% contribution from the top ten Italian banks based on their profits during the upcoming budget law. The proposal aims to extract funds from financial institutions that have benefited from state guarantees and public support, with the goal of using these resources to bolster national security initiatives such as increasing the number of police officers deployed on highways. Salvini made the announcement during a press conference, emphasizing that he believes the entire ruling majority will support the initiative. He stated that the proposed contribution would be triennial, targeting the highest-performing banks, which he estimates could yield up to 30 billion euros in annual profits. Salvini expressed confidence that the banks will achieve even higher earnings, up to 40 or 50 billion euros, by the following year, suggesting that this level of profit would justify the 5% levy. The idea builds upon the Spanish model, where the government imposed fiscal measures on bank profits, resulting in five billion euros over three years. While Salvini acknowledged differences with Spain’s government under Prime Minister Pedro Sánchez, he praised the country’s approach to addressing banking sector excesses. He noted that while he does not share Sánchez’s political views, the fiscal intervention was recognized internationally as a necessary measure. Salvini also addressed internal tensions within his own party, stating that efforts are underway to strengthen the League’s team. He emphasized that Italians need unity rather than internal disputes, urging members to contribute to the party’s strength. He mentioned ongoing discussions about establishing both Italian and international networks aimed at reinforcing the party's influence and effectiveness. In addition to the financial contributions, Salvini highlighted the importance of leveraging the additional revenue to enhance security services. Specifically, he called for doubling the number of personnel in the Strade Sicure program, which focuses on road safety and traffic control. This move reflects a broader strategy to allocate public funds more effectively toward infrastructure and public protection. The proposal comes amid growing concerns about the profitability of major Italian banks, which have been operating with substantial state-backed guarantees. According to recent reports, the top two banks alone generated 12 billion euros in profits over the first six months of 2026, suggesting that total profits across all major institutions could reach around 24 billion euros by year-end. When combined with smaller banks, the overall figure could surpass 50 billion euros annually. This context underscores the potential scale of the proposed tax, which could amount to several hundred million euros each year. Salvini argued that given the disparity between the benefits received by banks and the costs borne by citizens, there is a clear justification for extracting a portion of these gains to serve public interests. As the debate continues, the focus remains on how these funds will be allocated and whether they will be used effectively to address pressing societal needs. With the upcoming budget law set to shape future fiscal policies, the discussion surrounding bank contributions is likely to remain a key topic in Italian politics.