Unimpresa: the State remains a pillar of bank credit, but clear rules and shared responsibility are needed
A pillar of Italian credit
According to Unimpresa’s research center, public guarantees on business loans have reached about €270 billion in the first half of 2025, equal to 14% of GDP. This share is now structural, confirming the tight link between banks, companies, and the State.
From emergency to stabilization
From 2019 to today, guarantees rose from €85 billion (4.7% of GDP) to a pandemic peak of €350 billion, before stabilizing around €270 billion. What was once an emergency tool has become the new normal.
Flows and credit quality
In H1 2025, banks approved €23.7 billion in new loans, backed by €16.6 billion in public guarantees. Applications approved: 128,587, with 70% coverage. Defaults remain low: €500 million in early 2025, less than 1% of the stock.
The European comparison
Italy is above the EU average (10-12% of GDP), on par with France and Spain, while Germany relies less (7-8%). This highlights the Italian economy’s reliance on guarantees for liquidity and investment.
Risks and outlook
The main risk is an economic slowdown that could increase defaults and weigh on public finances. Unimpresa recommends focusing guarantees on innovation, green and digital transition, exports, and youth entrepreneurship.
Unimpresa’s stance
President Paolo Longobardi stresses that public guarantees “have not been a cost-free benefit” but a safety net for the whole nation. Therefore, talks between Abi and government on taxing bank windfall profits must consider this public support.