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The new NPL Directive: an uncertain path ahead
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Almost four years ago – in March 2018 – the European Commission proposed a directive intended to promote the growth of the secondary market in non-performing loans (NPLs). This was part of a broader plan to help reduce the burden of NPLs on European bank balance sheets. After a long and winding legislative road, the European Parliament approved the final version of the Directive on 19 October 2021. The same text was approved by the Council on 9 November 2021 and is likely to be published in the Official Journal of the EU in the coming months. In this article we set out some of the features of the new Directive and areas of likely market concern (and especially for the securitisation market) arising out of it.
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