BANCA PROSSIMA (Intesa Sanpaolo Group) IS LAUNCHING “SUBITO 5 X 1000”

  • Donations of almost 600 million Euros made by 16 million Italians between 2006 and 2007
  • Banca Prossima is celebrating 100 days with the first 1,000 customers, loan arrangements worth 50 million Euros and new projects serving the non-profit sector

Milan, 7 March 2008 – In 2006 and  2007, more than one in three Italian taxpayers chose to subscribe to the 5 per mille voluntary donation scheme, indicating a beneficiary non-profit organisation in their tax returns.
The organisations selected operate in the fields of scientific and medical research and in all social activities, spanning welfare, rehabilitation, employment schemes for the  disadvantaged, culture, the environment and  tourism.

The total amount of donations exceeds 600 million Euros, targeted at tens of thousands of organisations throughout Italy.

These contributions, varying in amount from thousands to millions of Euros, have still not been paid out. Only a very few of the largest organisations have received part payment of the expected contribution from banks with which they already have a well-established relationship. However, more than 15,000 non-profit organisations of all sizes are experiencing difficulties and risk having to reassess their work programmes.

Banca Prossima, the first European bank dedicated exclusively to the non-profit sector, is launching an innovative service which makes up to 100% of the expected sums immediately available: Subito 5 per mille.

It’s very easy to obtain Subito 5 per mille: all the information can be found on freephone 800.02.01.00 or on the website www.bancaprossima.com by clicking on the banner. You can also make contact with the Banca Prossima commercial specialist for the local area and fill in a few simple documents.
The advance is received within 10 working days and can be up to 100% of the total expected sum. The only undertaking required from the Organisations is to authorise Banca Prossima to collect the 5 per mille once it has been disbursed, thereby closing the financing arrangement.

The interest rate is variable and ranges from 4.8 to 5.9% per annum depending on the organisation’s rating (better terms than those normally applied to for-profit enterprises). No additional expenses are charged for the service.

Subito 5 per mille is for now limited to 2006 donations; organisations can apply for the service if they are expecting contributions of at least 3,000 Euros and if they have received the official notice of assignment from the Inland Revenue. The service will be made available as soon as the 2007 list is made official.

The first Organisations that have decided to use the Subito 5 per mille service are ACLI (social inclusion), ANFFAS (association supporting families with relatives having psychological disabilities), ANPAS (public welfare), Associazione Piera Cutino (thalassemia), Associazione Teresa Scalfati (international adoption), ATLHA (leisure for the disabled), Banco Alimentare (food donation and recovery), CISP (international development cooperation), Fondazioni Don Gnocchi e Sacra Famiglia (care and research on behalf of the disadvantaged), Fondazione Piazza dei Mestieri (promotion of educational inclusion and job opportunities), Misericordie d’Italia (public welfare).

Banca Prossima is now 100 days old, with results in line with best expectations. It has maintained its commitment to be fully operational in the 6000 branches of the Intesa Sanpaolo Group and has started to work with its first 1150 customers: 50% in the North, 30% in the South and Islands, 20% in the Centre. The organisations are primarily secular (70%) and are mainly associations (more than 50%) most of which are concentrated in the Welfare and Culture/Training/Resources sectors (49%). Credit facilities for more than 50 million euros are in place, and the Fondo per lo sviluppo dell’Impresa Sociale (Social Enterprise Development Fund, to which Banca Prossima allocates all earnings exceeding the cost of the capital) is already committed to covering the highest-risk loans to the tune of 300,000 euros.

The new bank is working on important initiatives such as the “PAN-Progetto Asili Nido” (the Consortium with Legacoop, CdO and CGM which has already opened 260 nurseries for infants throughout Italy) or “AL.FA., un’ Altra FAmiglia dopo di noi” which has seen the establishment of the first two of the 100 family houses for the intellectually disabled planned by the project. An important national project is about to be initiated promoting sporting associations and another one for micro-credit for immigrants.

As asserted by Corrado Passera, CEO of Intesa Sanpaolo, “Banca Prossima wants to meet the needs of and implement the best projects for the vast and complex world of the Italian non-profit sector, which is proving to be increasing vital for the level of services, employment and social cohesion of our Country”.

Marco Morganti, CEO of Banca Prossima, adds: “The difficulties experienced by non-profit organisations in accessing credit often manifest themselves in the lack of good facilities for advancing credit and not only in the public sector. The delay in paying out the 5 per mille, which affects many organisations in the charities sector, risks forcing them to postpone important projects and – much against their will – to fail to fulfil the expectations of the communities in which they operate. Subito 5 per mille has been created precisely to meet these needs ”


For information:
Intesa Sanpaolo – Media Relations
Public Finance, Social and Cultural Activities
+39 02 87963531