Q: What toll has the Covid-19 pandemic taken on Italy beyond the headline 8.9% drop in gross domestic product (GDP) in 2020?
A: Because Intesa Sanpaolo holds more than €1.2tn of Italian families’ wealth and €500bn of loans to Italian families and companies, we are in a unique position to understand the real situation – and the economic dynamics were not as negative as perceived outside the country. While GDP fell and there were some short-term cash flow issues, we saw a significant increase in deposits from both corporates and families.