The state sector borrowing requirement for the month of May2009 was, on a provisional basis, around 7,600 million, around 300 millionlower than the figure of 7,937 million for May 2008.
COMMENT
Compared to May of the previousyear, the requirement for May 2009 felt the positive effect of lower interestpayments, of the credit in the form of cash in "dormant accounts" pursuant toarticle 1 paragraph 345 of Law No. 266/2005 as well as of the fact that thefigure for May 2008 took account of additional payments, made to Alitalia andto the regions in order to settle health service debts relating to previousyears, which did not feature in May 2009.
The requirement for May 2009 felt the negative effect of greatertax refunds made by tax collection agencies and a reduced level of revenue fromtax due, in the main, to the trend in VAT income.