Italian NPL Collections

Collections doubled month-on-month

Nov 16, 2023

Scope Ratings published its regular update based on monthly servicing reports available to September 2023.

Italian NPL collections doubled month-on-month in September to EUR 137m from EUR 69m. But they were 25% and 42% below September 2022 and 2021 volumes. Collections for the first nine months of 2023 are well below the two previous years for the same period.

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Note sales made a significant contribution to September 2023 collections, accounting for 23% of gross proceeds. This was in stark contrast to the average for the first nine months of the year, where note sales accounted for just 7% of proceeds. DPOs (21% in September) were in line with the nine-month average (22%). Judicial proceeds accounted for 56% of collections in September, versus the 71% average for the January to September period.

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This report shows the performance of a static universe of Italian NPL securitisations originated pre-Covid and rated by Scope. The report is based on monthly servicing reports available to September 2023.