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NBG proceeds with €6 billion NPE securitization
NBG is expected to proceed with the securitization of non-performing mortgage and small business loans worth € 6 billion in 2020, starting the process immediately after the completion of the 80% sale of Ethniki Insurance.
NBG’s management team brings the plans for securitization a year earlier than the original plan, which was the securitization of €4.7 billion in 2021.
Reportedly, NBG will this way be able to reset the non-performing mortgage loans on its balance sheet, provided that the regulated loans will remain in service path and will not relapse.
The bank’s management in 2019 focused on non-performing mortgage settlements and arrangemets in an effort to maintain part of its portfolio for revenue. Mortgages of € 1.2 billion were settled, mostly long overdue loans, denunciations, and loans that had been requested to comply with the protective provisions of the old law, but the cases had not yet been tried.
Meanwhile, in regards with NPLs, the bank’s management focuses on the sale of the Icon portfolio, which consists of secured NPLs, worth €1,5 bn. Bids will be submitted on January 23.
Original Source: Euro2day
Adaptation/Translation: Kiki Athanasiadis