NPL: non performing loan

non performing loan - cilp italia

NPL: Non Perfoarming Loan, the law 3/2012 on over-indebtedness.

They are children of the crisis triggered by Professor Monti’s “technical” government. A season to forget, and go backwards to seek the origin of this situation would take us too far. Of course there are some facts: in 2011 the Deutsche Bank launched 880 billion Italian shares and bonds on the stock market, increasing the spread with German bundles to about 600 points. At that point Napolitano “”“ reconfirmed for the second time at the head of the country “”“ collected the resignation of the then Prime Minister Silvio Berlusconi, immediately transferring the office to Professor Monti, indicated to the public as the head of a “technical government”, which should have raised the fortunes of an Italy spends with adequate economic maneuvers. There is to say that according to some sources prof. Monti “”“appointed senator for life by Napolitano””“ was already aware of the upcoming assignment, even before the collapse of the spread (scheduled?) and before Berlusconi’s resignation. From that moment the media were unanimous in presenting the Monti government as the savior of the homeland, but it was not so. The operations put in place immediately showed their recessive character, destroying the internal market “”“which according to some sources Monti himself declared to have done with intention “””“and causing factory bankruptcies and closures, particularly of small and medium-sized enterprises. A wave of suicides ““which eventually newspapers stopped reporting “”“ ended the days of entrepreneurs, craftsmen, traders and anyone, having financial commitments, such as the mortgage of the first house, Suddenly he saw himself thrown out of business.
Shame and despair did the rest, with Equitalia raging without remission. Some newspapers in 2012, and until 2014, report “”“a posteriori “”“ a number of suicides ranging from 475 to 700, it being understood that it was not always possible to ascertain the true cause and nature of suicide, So, the numbers could be much higher. In Greece, due to the same austerity policy, 1275 people died. The fact is that at some point the newspapers stopped talking about it: precise instructions? Someone says yes. But it would seem that if certain inferences are made in this country, we are immediately accused of plotting, except then, with firm mouths, to discover that this was perhaps only the tip of the iceberg. But time is a gentleman and those who come after will know the truth about the austerity measures put in place by Monti and who commissioned them, as some claim. NPLs, Non-performing Loans, or non-performing loans, skyrocketed, causing serious embarrassment to the banks concerned and disposals to the “” Bad Bank’. We have news of the recapitalization of some banks in resolution ““Banca Marche, Banca Etruria, Carichieti and Cassa di Ferrara “”“from which were created four new banks or bridge institutions, wholly controlled by NRA, National resolution authority, the Bank of Italy Resolution Authority. Then a different entity was created, called REV Credit Management, which was in fact the “” Bad Bank’ in charge of managing and selling over time the 10 billion suffering portfolio that was transferred to it, which is also wholly owned by the NRA. There were then four remaining entities or entities in liquidation, then LCAs, practically the remaining boxes for each of the banks which were then put into liquidation: these contained substantially all past losses and a claim to the Resolution Authority. This context created the so-called burden sharing, that is, the nullification of shareholders’ rights over their residual capital and the rights of subordinated bondholders.

A

t that time, a parallel market was created which began to deal with the transfer of these debts to debt collection organizations to which the credits were transferred at very low percentages. Most of the time, these were bodies created by the banks themselves, to which the credits were to be transferred to 17.6%: credits that would then be tried to collect as close as possible to 100%. Without naming names, we spoke to the owner of some hotels on the Adriatic coast, who found the necessary funds to redeem the property burdened by bank mortgage, but without success. The hotels, he told us, were also auctioned down, causing damage to the debtor, the creditor and the whole economy of the region; with good peace of the intermediary who will enjoy the accounting difference between

[vc_column\xtute]what it will be able to obtain from the auction and 17,6% paid to the bank. The lawyers will say the last word. Another emblematic case is found on the web newspaper “”The Valley of the temples”” and concerns a couple of Arezzo, whose name we will not mention. The couple has long lived under threat of foreclosures and executions. One of these concerns the past relationships with Banca Etruria, which has been succeeded by the Banca d’ Italia, through REV Gestione Crediti. Which then passed the credit to Purple SPV srl, emanation of Banca Finint Group of Conegliano; Purple, in turn, gave mandate to CERVED CREDIT MANAGEMENT SPA of S. Donato Milanese, debt collection company, to fully recover the credit initially transferred by Banca d’ Italia at 17.6%. These maneuvers would have the purpose, on the one hand, to remove from the bank balance sheets the deteriorated credits and, on the other, to speculate on the recovery of debts, collecting usury sums in order to repay the banks in difficulty. By chance, the commitments of the spouses in question were with Banca Etruria, Banca inter-regional “”“both failed “”“and with Montepaschi, rescued by the State. We learn today that Corrado Passera founded the Illimity Bank, which has among its peculiarities that of financing those who wanted to do their business from NPL.[/vc_column_text]

And not only from those, but also from UTP, the so-called Unlikely to Pay; that is those credits not yet deteriorated, but that will probably end up in litigation, or in late payment. Well, Bank Illimity has, among its missions, also to finance and manage banks that want to make these topics their main source of work. Bearing in mind that in September 2017 the total of non-performing exposures (NPE) on banks’ balance sheets was EUR 278 billion, before adjustments. In the wake of all this depressing landscape of looting, we cite the law 3/2012 on over-indebtedness for which even the scrapping of Equitalia folders is not convenient. Let us say now: the law on over-indebtedness is not easy to apply, but if well managed, it can lead to debt reduction even up to almost 90%. Law 3/2014, in fact, allows not only the reduction of the debt based on own economic resources, but also a delay in a wider time than that granted by Equitalia. recovering the debtor from an active role in the economy and giving the creditor the chance to recover sums that he would probably never be able to collect. The law on over-indebtedness is for everyone: VAT numbers, who cannot pay the installments after losing his job, small craftsmen, who has a start-up or an agricultural enterprise; practically all subjects “” em>non fallible/em>’. who cannot access the provisions of bankruptcy law?
To avoid over-indebtedness created on purpose, the suffering situation of the subjects must be adequately verified by a professional “”“lawyer, accountant, notary “”“appointed by the president of the court, or the OCC, the Crisis Composition Organization. In practice, Law 3/2012 defines over-indebtedness to art. 6, paragraph 2, lett. a), such as “”the situation of persistent imbalance between the obligations assumed and the assets readily liquidated to meet them, which leads to the significant difficulty of fulfilling its obligations, or the ultimate inability to perform properly.”” The debtor can obtain the satisfaction of the creditors as far as his means really allow him. It is also possible to suspend enforcement actions, to defer payment of VAT, to write off the outstanding debts. Law 3/2012 concerns debts to banks and financial institutions, suppliers, debts of condominium (private), general government, such as Equitalia and Agenzia delle Entrate. The benefit of exdebit free from any remaining debt and implements the deletion from each registry of bad “payer”. Debt collection is a kind of reward for good conduct: it rewards the regularity and correctness of the person throughout the performance of the agreement. Different in form, but similar in substance, the bill presented by Giovanni Paglia, of the Italian Left, which would like to introduce the possibility for the debtor to purchase his non-performing credit at the same price as proposed to the Credit Recovery Companies, with pre-emptive right to any purchasers of NPLs.

In the bill we find: “With a debt remission the debtor could close the suffering game by paying 10 or 20% of his debt, allowing the bank not to transfer abroad a speculative gain made by the acquiring funds.”” However, this proposal does not take into account an important factor, which is meritorious. In fact, as it is formulated, it could lead to a distorted use by the debtor, which would have convenience to push the defaults to the level of suffering. Indeed, Law 3/2012 should satisfy any need for recovery of assets by the debtor, while at the same time cautioning the creditor at its best. The proposal of the On. straw may appear slimmer, but, compared to the combined law of 3/2012, it has some gaps to fill.

Roberto Ragone

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