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Newsletter n. 22

Bank of Italy: the Npl market is improving and international players are seizing the opportunity

The flow of new bad loans on total loans, net of seasonal factors, in the first three months of 2018 fell to 1.7% from 2% in the previous quarter, according to the Bank of Italy’s July Monthly Bulletin.

The amount of net impaired loans fell to just over 110 billion, from 200 at the end of 2015; about half are represented by exposures classified as unlikely to pay (Utp), for a part of which a return to performing is possible.

As underlined by Bank of Italy Governor, Ignazio Visc,o during the annual meeting of the ABI, “In recent years there have been improvements in the duration of the legal proceedings for debt recovery. Evidence relating to the initial phases of real estate executions shows that the 2015-16 reforms are helping to reduce the duration of operations. The length of the phase preceding the sale of goods decreased by about a tenth (from 27.5 to 24.5 months) and that of the sales phase was almost halved (from 41.5 to 23.5 months)”.

The improvement in the Italian bad loans market is also confirmed by the strong interest that international investors and specialized operators show for the divestment of Npl and Utp portfolios of the banks.

For exemple: 7 consortiums are participating to the tender launched by Banco Bpm concerning a Npl portfolios worth between 3.5 and 9.5 billion euro. According to the Sole 24 Ore, in particular, the participating groups are composed of Tpg, Davidson Kempner Capital Management and Prelios (assisted by Mediobanca and Rothschild); another with Fonspa and Elliott (advisor Goldman); in addition to DoBank-Fortress (with Citi ); Varde together with the servicer Guber; the US Cerberus fund (with Lazard and Vitale as consultants); Pimco with Phoenix Asset Management and a consortium between Crc and the Fire servicer.

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