意大利不良贷款交易：政府应提供担保（英文版）

On January 26, 2016, the Italian Government and the European Commission have agreed on the terms under which guarantees may be provided by the Italian Government for Non-Performing Loan ("NPL") transactions.

The Italian NPL market is entering into a new transactions spree in 2016. The size of NPL portfolios owned by Italian banks is estimated to be roughly Euro 200 billion (source: Il Sole 24 Ore).

The Italian banks will not pursue the "bad bank" route—i.e., creating specific authorized entities that will be contributed with the non-performing assets of the relevant banks—but it is expected that NPL transactions will follow the typical securitization scheme.

Under such scheme, the NPL portfolio will be assigned to securitization vehicles incorporated under the Italian law no. 130 of 1999 ("Law 130"), that in turn will issue asset-backed securities collateralized by the relevant underlying portfolio.