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Finance and Investment: The European Case$
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Colin Mayer, Stefano Micossi, Marco Onado, Marco Pagano, and Andrea Polo

Print publication date: 2018

Print ISBN-13: 9780198815815

Published to Oxford Scholarship Online: January 2018

DOI: 10.1093/oso/9780198815815.001.0001

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A Securitization Scheme for Resolving Europe’s Problem Loans

A Securitization Scheme for Resolving Europe’s Problem Loans

(p.157) 9 A Securitization Scheme for Resolving Europe’s Problem Loans
Finance and Investment: The European Case

Brunella Bruno

Giuseppe Lusignani

Marco Onado

Oxford University Press

This chapter proposes a comprehensive, pan-European way of addressing the issue of non-performing exposures. We contend that securitization is the most effective way for banks to sell the bulk of their troubled loans. To this end, we propose a numerical example to describe the main characteristics of a common scheme of securitization to be applied at the European level. Such a scheme, as a European blueprint for implementation at the national level, is meant to attract funds from a wide array of investors, with a public support compatible with the current rules on state aid.

Keywords:   Securitization, non-performing loans, state aid, global financial crisis, Eurozone

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