Among the measures contained in the second package Bersani on deregulation, provides that a first home buyers to request early repayment of the loan or part (as long as three years have elapsed) without paying a penalty. In the abstract, it seems a useful measure to allow borrowers to renegotiate its debt with the best current market conditions. In substance, however, banks will still be able not to suffer cuts in its profitability.
To understand why, we need to explain that the early extinction of the loan is an option of the debtor. Specifically, it is a put option purchased and sold by the debtor by the creditor. The buyer of an option put has the right but not the obligation, to deliver to the seller of the same given amount of a financial instrument at a certain time and at a certain price.
Without going into the technicalities of the options (which you can find here ), suffice it to say that the option has a price, which is a function of various parameters. In our example, the price (not explicitly stated in the loan agreement) is fixed by the buyer of the option, ie by the bank. To cash out this money to the bank just to increase, ceteris paribus, the nominal rate charged by it on loan, whether fixed or variable.
The theory of options pricing in instruments and financial contracts entered into by banks with retail customers is usually ignored by the media and consumer associations, which in Italy are little more than illiterate, and they tend to confuse the concept of liberalization with that of "proletarian shopping" .
Even with this example (the others can be found here , here and here ) do not want to say that all provisions contained in the second package Bersani are ineffective, but should be understood that only act on the supply prices of individual goods and services, the logic of the administrative fee and without using the actual dynamics of the competitive sectors, does not produce benefits consumer durables.
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