Companies didn't plan for interest-rate hikes - ABI head

(ANSA) - ROME, JUN 4 - Italian Banking Association (ABI) President Antonio Patuelli said Sunday that many companies was paying the price for not having planned for the eventuality that interest rates would rise.
    "Companies saved before and now they are paying more," Patuelli said at the International Festival of Economics in Turin.
    "They didn't plan for the costs linked to higher rates and there is a risk of new company crises, with a deterioration of credits.
    "Companies did not make multi-year plans with forecasts of adequate liquidity costs.
    "The danger is that, if rates were to remain at this level or even higher for a long time, this could lead to company crisis and the deterioration of non-negligible parts of bank credit".
    (ANSA).