“The general consequences of the Covid19 health emergency are not only a profound negative impact on our country's socio-economic life, they will also certainly have an impact on the credit industry.” Massimo Giacobbo, Managing Director NPL at Prelios Credit Servicing was speaking at Monitor Immobiliare's RE Italy Winter Forum at Borsa Italiana on January 20.
Joining Giacobbo on the panel for the session – entitled “NPLs, new market developments” and moderated by Federico Sutti, Italy Managing Partner Dentons Europe – were Katia Mariotti (Banca Ifis), Giovanni Gilli (Intrum Italy) and Nicola Carnevale (Cerved Credit Management Group).
“Last summer, before the current second wave of Covid19, an NPE flow of between 50 and 80 billion euro was already projected for Italy over the next two to three years,” Giacobbo added. “Before the pandemic,” he continued, “we were seeing a slow improvement in the duration of property foreclosures compared with the three years 2015-2017. Only with a further digitalization drive in civil procedures and the overall digitalization of justice in Italy will we be able to avoid procedures stalling and narrow the gap in their duration, which is still too large compared with other European countries.”
Click on this link to watch the full video of the NPL session: