The document is a summary of a Special Report on Italian banks, focusing on the 'State guarantee on NPL securitization' scheme known as GACS. It discusses the technicalities of the scheme, its impact on the NPL market, and its macro implications. The GACS scheme is designed to reduce funding costs for NPL securitization but is considered only a marginal help in addressing Italy's NPL problem. The document includes tables and figures illustrating Italy's foreclosure times and credit impulse.
documents/vol00010-efta01459723-pdf.pdf
{"title":"Focus Europe: Dark clouds, no storm yet","key_people":["Paola Sabbione","Marco Stringa"],"document_date":"2016-02-05","document_type":"tabular","key_locations":["Italy"],"key_organizations":["Deutsche Bank","European Commission","ECB"]}