Associazione Italiana del credito al consumo e immobiliare
NOTE: Sources and definitions are provided in the accompanying supplemental document
Italian economic context 2013 2014 Population 1 (millions on January 1) 59.7 60.8 (p) Real GDP growth 2-1.9% - Household Final Consumption Expenditure 5-2.6% -0.8% (f) Unemployment 3 12.2% - Inflation 4 1.3% - Real household consumption per capita 6 ( /inhabitant) 15 500 - Real adjusted household gross disposable income per capita 7 ( /inhabitant) 20 097 Household saving rate 8 12.9% - Household indebtedness ratio 9 65.8% (2012) - - Source: Eurostat 1-9
Italian economic context Italy compared to the rest of Europe Real GDP growth rate 2 and household final consumption growth 5 for 2013 Household real adjusted gross disposable income 7 vs. household real consumption 6 ( per capita, 2013) 5% 30,000 4% 3% 2% 25,000 20,000 1% 15,000 0% -1% -2% 10,000 5,000-3% IT PT ES FI NL CZ DK DE FR BE NO SE PL UK LT RO 0 ROCZ PL LT PT ESNLDK IT FRSE FI BEUKDENO Real GDP Growth Household Final Consumption Expenditure Household real consumption Household real adjusted gross disposable income Source: Eurostat 2, 5-7
Italian economic context Italy compared to the rest of Europe Household saving rate 8 (%) Household gross debt-to-income ratio 9 (%) 18% 300% 16% 14% 250% 12% 200% 10% 8% 150% 6% 100% 4% 2% 0% LT PL DK UK FI ES CZ NL IT PT NO SE FR BE DE 50% 0% LT PL CZ IT FR DE BE FI PT ES UK SE NO NL DK 2011 2012 2013 2011 2012 2013 Source: Eurostat 8&9
Italian consumer credit market structure 1. Total lending to households in mil (outstandings) Dec 2013 (ECB) Dec 2013 (Banca d Italia) June 2014 (Assofin)* June 2014 (ECB) June 2014 (Banca d Italia) 602 603 - - 606 653 - Consumer credit 59 738* 106 059 104 814 58 008* 104 815 Loans for house purchasing Source: ECB 11, Banca d Italia 11h & Assofin 361 565 346 712 294 624 359 579 343 646 Loans for other purposes 182 420 - - 181 489 - *The ECB data does not include consumer credit granted from OFIs, which comprises a substantial portion of the Italian market. 2. Growth of total consumer credit national market in terms of outstandings (CAGR 08-13) 2008-2013 ( - including car finance) 2008-2013 (ECB) 0.9% 1.4%** *Estimates provided by the Italian member association on the size of the national market. These figures are larger than the Banca d Italia figures as they include bad debts and producing households. **There is a break in the data series provided by the Banca d Italia to the ECB in 2010 due to incorporation of securitised portions. Therefore the increase in outstandings between December 2008 and December 2013 does not comprise entirely of growth in new business.
Italian consumer credit market structure 2013 sees a minor decline of new customer credit granted compared to the past year (-5.3% after -11.7% in 2012). During the first nine months of 2014 members show, after a long period of contraction, a modest improvement (+1.2%) of new business, mainly driven by the performance of car finance and credit cards. In Italy consumer credit is mainly granted by specialised lenders, accounting for almost 80% of the market. Even if some banks integrated the business of consumer credit formerly delegated to subsidiaries, universal banks have above all an important role in terms of distribution of consumer credit. The share of point of sale finance (car finance and other pos loans) deceased further in 2012 (29% of total new credit granted). 43% covers personal loans and secured loans such as CQS* and 28% refers to credit cards. In addition to specialist consumer credit providers, represents all specialised banks (in decrease) in mortgage credit and some universal banks, representing around 40% of the total mortgage market. There are no home equity loans in Italy. Following the financial crisis, it is not anticipated that this product will develop in Italy. Product Mix for New Credit Granted Debt consolidation is increasing, but data is not available. The top 5 companies account for 52% of the total national market for consumer credit, indicating an average level of concentration. Product 2006 2012 2013 Car finance 39% 21% 21% Credit at the point of sale 11% 8% 8% Direct loans + CQS 33% 44% 43% Credit cards 17% 27% 28% Source: * Cessione del quinto dello stipendo (CQS) is a secured loan which is repaid by the employer of the borrower by keeping one fifth of the wages paid.
Assofin membership Assofin membership structure 2013 14 Finance houses 29 Captives 9 Specialised banks 6 Universal banks 7 Other 12 Share of total national consumer credit & car finance market 94.2% Share of total national mortgage market 46.0% Share of new credit granted Growth of total consumer credit member market in terms of outstandings (CAGR 08-13): 2.0% Source: Eurofinas 12,14 2008 12 2013 14 Consumer car finance 30% 19% Non auto PoS 13 8% 8% Personal loans 44% 44% Revolving 18% 29%