In my previous article I talked about the Individual Savings Plans in their first version. Now the new PIR (third-generation) link to return to the path of the subscriptions of investors abruptly ended because of changes imposed by the Government gialloverde, I had commented in This article on PIR 2.0 (almost never born).
But while Banks and intermediary networks are organized to make "a great harvest" already from 2020, there are those who has competed in to estimate the potential impact on AIM (The FTSE AIM Italy is a stock exchange index from Milan. Basket of AIM Italy – Alternative Capital Market, composed small and medium-sized Italian companies with high growth potential, that has brought together the AIM Italy and MAC markets) quantifying in about 231 million euro.
Figure, this, estimated as because for Individual Savings Plans, made with effect from 1 January 2020, to invest the 5% of 70% (or the 3,5%) of the total value in the securities of firms other than those included in the index FTSE MIB and FTSE Mid of the Italian stock exchange or equivalent indices of other regulated markets. It is the financial boutique IR Top Consulting, who recently published the study "PIR THIRD GENERATION: ESTIMATED IMPACT ON AIM FOR ITALY 2020 AND EFFECTS IN THREE YEARS 2020-2022”.
Anna Lambiase, Founder and CEO, IR Top Consulting: “On the basis of our analysis Observatory AIM the potential impact of the new PIR on AIM Italy is estimated at 231 million in the 2020, 8% of the impact prediction overall 3 miliardi di Euro. Our estimate is based on a methodology Weighting evaluating static and dynamic variables in the market relationship investable universe. The additional influx of liquidity arising by third generation PIR could generate over three years 2020-2022 a three-fold positive effect on AIM Italy, which represents about half investable universe relative to 3,5% to be allocated on non-MIB securities and MID, now equal to 258 companies listed on regulated markets and MTFs. AIM Italy will make an important advantage of the new conditions to drive private savings in the real economy, and specifically to SMEs which are the foundation of the Italian industrial system. THE new PIR could generate in the three years 2020-2022 three effects: first and foremost a increase in the number of listed companies, thanks to a growth equal to +30% the average annual number of IPOs. To this must be added the increase in the media collection, pari al +69%, We value you can move from 5,9 million in 2019 about 10 million and an average expansion in floating IPO, from 24% al 30%. The estimates are based on our projections arising on historical analysis carried out on the AIM Market Italy, in particular in the biennium 2017-2018, period benefited from the effects of introduced PIR for the first time at the end 2016: the average size of the SMEs listed in the 2017 and 2018 totaled 39 million euro in revenues, marking an increase of approximately 3 times the 14 million euro in 2016, there average deposits amounted to 9,8 million euro (6,4 million euro in 2016) and the average in IPO float was equal to 26% (15% in 2016).”
For savers the usual recommendation not to be enticed by the only tax break but to place the financial instrument in a proper diversification of their savings.
Alexander Gaetani
Edited press release IRTOPCONSULTING 27/01/2020