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The Npl disposal problem: a comparison between Sale and Securitization

Author

Listed:
  • Enrica Bolognesi

    (Università di Udine)

  • Cristiana Compagno

    (Università di Udine)

  • Marco Galdiolo

    (Università di Udine)

  • Stefano Miani

    (Università di Udine)

Abstract

The issue of the Non-Performing Loans (Npls) management has assumed a strategic importance for European banks. Italian banks are recently called to find the most efficient disposal of their bad loans. This paper aims at comparing the alternative strategies of Sale and Securitization; the latter designed to exclude the market investors from the process (in house). We show that Securitization offers the best results in terms of returns (minor losses) and a shareholders’ commitment on new resources that depends on the structure details of the operation

Suggested Citation

  • Enrica Bolognesi & Cristiana Compagno & Marco Galdiolo & Stefano Miani, 2017. "The Npl disposal problem: a comparison between Sale and Securitization," BANCARIA, Bancaria Editrice, vol. 2, pages 40-50, February.
    • Handle: RePEc:ban:bancar:v:02:y:2017:m:february:p:40-50
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    More about this item

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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