“In Italy today corporate NPLs account for 80% of the total.” The comment comes from Prelios Group CEO Riccardo Serrini, who was taking part in RE Italy on October 29 at Borsa Italiana in Milan. “They often refer to warehouses in the provinces, suspended residential developments, hotels in underprivileged areas. These portfolios are difficult to manage and can lose much of their value over time given the slow pace of legal procedures. Italian courts still take a long time to close a foreclosure or insolvency. Whereas when we manage UTPs we are talking about companies that are operational and need to be restructured. We manage about 10 billion euro of UTPs, around 15% of the total in the Italian banking system, and over the last year we have put 400 companies back on a performing basis.” At the convention on Italian Real Estate – organized by Monitor Immobiliare directed by Maurizio Cannone – Serrini took part on the panel on distressed loans, together with Katia Mariotti (Banca Ifis) and Giovanni Gilli (Intrum Italy). The moderator was Federico Sutti, Italy managing partner at Denton.
Watch the round table video here: