The Npl disposal problem: a comparison between Sale and Securitization

Enrica Bolognesi, Cristiana Compagno, Marco Galdiolo and Stefano Miani
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Enrica Bolognesi: Università di Udine
Cristiana Compagno: Università di Udine
Marco Galdiolo: Università di Udine
Stefano Miani: Università di Udine

BANCARIA, 2017, vol. 2, 40-50

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

JEL-codes: G21 G23 G28 (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:ban:bancar:v:02:y:2017:m:february:p:40-50

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