Italy Asks for €11 Billion From Banks, Insurers Over Three Years

Italy’s government coalition has reached an agreement over a complex plan that would see banks and insurers contribute about €11 billion ($12.8 billion) to its budget over three years.

The contribution affecting the financial and insurance sector is worth about €4.3 billion for 2026, according to a budget document published Thursday, and would help finance a costly income tax cut for the middle class the Premier Giorgia Meloni promised to voters. The document also foresees a similar contribution for 2027 and more than €2 billion for 2028.

Coalition parties reached an agreement late Thursday night after months of public ...