The new agreement guarantees sustainable and profitable cooperation until 2024
Rome, 16 December 2021. The Boards of Directors of Cassa Depositi e Prestiti S.p.A. (CDP), as issuer, and Poste Italiane S.p.A. (Poste Italiane), as distributor, have approved the terms of a new agreement until 2024 on postal savings (the Agreement).
Postal savings products - comprising of savings books for a total stock of €103 billion and postal bonds for a total stock of €216 billion - are guaranteed by the Republic of Italy and, with almost 150 years history, remain trusted and unique savings’ products for 27 million Italians.
The historic relationship between CDP and Poste Italiane, which is the sole distributor of postal saving products by law, has been further strengthened with an agreement covering the period of both CDP’s 2022-2024 Strategic Plan and Poste Italiane’s 2024 Sustain and Innovate.
Under the Agreement, the distribution of postal bonds and postal savings books will continue to be remunerated with annual fees, varying on the product type, the overall amount of which remains broadly in line with that of the previous years, with a floor of €1.6 billion and a cap of €1.85 billion, based on agreed net inflows targets.
The remuneration scheme relating to the distribution of postal saving products, previously based mostly on upfront fees, now envisages a mixed remuneration, linked both to up-front fees (varying on issuance year and product type) and to annual management fees (varying on issuance year), which better ensures sustainability of the service.
The Agreement, which will be signed by CDP and Poste Italiane in the next few days, will take effect upon signing and entering into force of the agreement between CDP and the Ministry of economy and finance (MEF) relating to those postal bonds transferred to MEF, which should take place in the first months of 2022.
For further information, please refer to the statement on related party transactions to be published by Poste Italiane in accordance with the applicable regulation after signature of the Agreement.
Dario Scannapieco, CDP CEO and General Manager, commented:
“The new agreement ensures funding continuity and offers a framework to further develop Postal Savings. This confirms the link of CDP with the territory where we raise funding through Bonds and Savings Passbooks, which we then reinvest in local communities, to support public administrations, companies and households, in line with the 2022-2024 Strategic Plan based on the key principles of: sustainability, additionality and subsidiarity with respect to the market. Thanks to the cooperation with Poste, the savings of Italians have acted as a catalyst for sustainable growth while encouraging strategic investments and the country’s competitiveness”.
Matteo Del Fante, Poste Italiane CEO and General Manager, commented:
“This agreement enables Poste Italiane to meet the financial targets set in 24SI plan in connection with postal savings distribution fees in a sustainable way. Postal savings are the most stable source of retail funding for the Government and the preferred saving products for Italians; we are proud to continue to provide them to all Italians as a Service of General Economic Interest, again confirming our role of strategic pillar for Italy”.