Italy is one of the European countries that has done best in reducing the amount of non-performing loans in its banking sector, according to a report released by the European Commission on Thursday based on ECB data. It said NPLs were down 24.6% in Italy in the second quarter of 2017 compared to the same period in 2016. Only Slovenia did better, registering a 30.4% reduction.
The number of non-performing loans on the balance sheets of many banks caused a series of crises in the Italian banking sector that required rescues involving public money. "Italy has reduced its NPLs by a quarter," said Valdis Dombrovskis, European Commission Vice-President for Financial Stability, Financial Services and Capital Markets Union.
"The problem has not been resolved and that is why we have prepared this report and we are thinking of further measures for the future.
"But we are making significant progress".
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