The ordinary general meeting of the members of Garanzia Fidi Scpa (GA.FI) took place, which approved the budget for the year 2023, recording a profit of 98,766 euros, increased by 181% compared to 2022.
“A result – states Rosario Caputo, president of GA.FI – which is particularly appreciable if we take into account the unfavorable contingencies that have characterized our activity for some years. In fact, as is now known, between 2020 and 2023 due to the massive public intervention, the Guarantee Fund recorded an increase in flows of approximately 700% and consequently, the weight of the public guarantee, on the total of the overall guarantees, is went from 65% in 2019 to 85% in 2023 to the detriment of the private guarantee which instead went, in the same period, from 35% in 2019 to 15% in 2023″.
“But nevertheless, our consortium has been able to strengthen itself. In fact, faced with the progressive downsizing of the business linked to the mutual guarantee, we have been able – he explains – to fill the “physical” void left by the banks, offering ourselves as financial consultants for all field, in which the guarantee is, certainly, an important component but no longer the only one in the offer of services”. “We have become – concludes Caputo – a ‘financial hub’, able to offer a service aimed at making known the various financial and management tools available to the entrepreneur and, above all, the use of fast and innovative solutions where the conditions exist ”.
During the meeting, a series of data and indicators were released, from which it can be seen that 2023 was a significant year for GA.FI. a strengthening of its “proximity” function, having regained an important role in supporting businesses and accompanying them on the capital and credit markets. GA.FI. recorded greater risk coverage which stood at 76% of the portfolio and a net NPL ratio of 4.36%. From the point of view of capital solidity, GA.FI. can boast a ‘Total Capital Ratio’ capitalization index that exceeds 45%, clearly above the regulatory requirements.
This testifies to the prudent management of GA.FI. which, with the same assets, can develop its business more than seven times in the interest of businesses with the aim of concretely supporting the real economy.
“2023 was for GA.FI. – adds the general director Michele Izzo – a year of “strategic repositioning” which involved an important effort of professional requalification and consultancy specialization, training the structure, in particular the commercial one, towards adequate familiarity with the new financing instruments and with innovative services offered to businesses. Not only guarantees, therefore, but also: direct financing, sureties, financial services and consultancy, subsidized finance, fintech and digital platforms, cybersecurity, risk center analysis, dimensional evaluation of the central guarantee fund, ESG rating evaluation, business plan, periodic information, financial training, and much more”.
The extraordinary meeting of GA.FI. members then approved the project for the merger by incorporation of the Abruzzo Region Guarantee Cooperative, evaluating a development plan and ensuring the companies of this region all the activities and services of a Financial Intermediary Supervised by the Bank of Italy pursuant to art. 106 of the new Consolidated Banking Law. Following this operation GA.FI. will open two more offices in Avezzano and Sulmona, in the province of L’Aquila, and will be able to count on approximately 5,000 associated SMEs.
