Non-Performing Exposures delle banche: diktat impazienti e soluzioni nazionali vs gestione paziente e Asset Management Companies a livello europeo

The explosion of banks’ Non-Performing Exposures in the EU and the US after the Great Financial Crisis is now broadly under control, unless a new recessionary phase sets in. The policy approach in the past decade has been very different on the two sides of the Atlantic. In Europe an “impatient” regulatory and supervisory framework was adopted, which contributed to the double-dip recession. In the US complementary policy interventions concurred to support the reabsorption process, without falling into the trap of fire sales and the paradox of deleveraging. This paper analyzes the two schemes: special attention is devoted to the positive results obtained in Italy, in spite of the objective difficulties. It is also recalled that, under different circumstances, the gradual approach adopted to manage Non-Performing Loans of Banco di Napoli, under the auspices of the Banca d’Italia, was a success story. Finally, attention is drawn to the need for a regulatory approach based on proportionality, not only in terms of the different size and complexity of banking firms, but also between banks and shadow banks.