La vocazione poliedrica della Cassa depositi e prestiti nel prisma del rapporto tra Stato e mercato

Within the process of reform of the public administration, which interested also the economic sector, the Cassa depositi e prestiti S.p.A. (Cdp) is exemplary of the different phases of the history of the economy of our country, describing a complex relationship between the State and the market that is indeed less dichotomic and considerably more integrated. Cdp, as a public company with its own specific profile, should be considered as a “market unit” placed outside the limits of the State budget, in its capacity as a semi-public credit institution that owns postal savings and is also disbursing loans to local administration, in the last decades became a fullyfledged “holding” of public shares, as well as an efficient instrument of industrial and economic policy. Cdp is also playing the role of Instituto (o Banca) Nazionale di Promozione (Inp) and as such formally derogates from the general framework for banking institutions, being considered as a “non-banking credit institution”, and subject to the provisions applicable to financial intermediaries. Cdp, in this capacity, developed a prismatic vocation as a lender but also as a shareholder and institutional investor, widening considerably its operational capacity beyond the limits imposed by its statute. This last profile underlined some possible issues related to the operations of Cdp as being subjected to market rules but also pursuing the public interest. Experts and scholars questioned the opportunity for Cdp to continue to operate with such a composite and generalist operational profile, instead of specializing and choosing to operate under a single profile, as it results from the last few years, that is more andmore consistent with its institutional mission.