The analysts from Banca Berenberg stated in a research report that if the Italian government implies a one-off tax, then the impact of the proposed windfall tax on the Italian banking sector seems to have already been reflected in bank stocks. However, there still remains a risk of prolonging the tax beyond 2023. The decline in Italian bank stocks yesterday indicates that the market perceives this tax as a one-time measure. According to the bank's estimation, this tax could lead to an average reduction of approximately 19% in Italian bank earnings for 2024.