NPL e cartolarizzazioni dei crediti tra attualità e criticità: riflessioni su un fenomeno nuovamente in ascesa

Credit securitizations have been accused of being one of the main responsible of the 2008 financial crisis, but this bias should not shade the awareness that if they were used properly, they could be a valuable means of asset and liability management, as well as an effective vehicle for the transfer of the risk. Since both the most influential theories and the experts are predicting that in the forthcoming future a new wave of credit deterioration might lead to a rise of UTP (unlikely to pay) and to the transition from UTP to NPL (non-performing loans), a strong urge to renew the legal framework of reference has been felt. Today the newness of this topic is being reaffirmed and highlighted by the recent Action Plan of the European Commission, Tackling non-performing loans in the aftermath of the COVID-19 pandemic, which shows the combined effort of the European Institutions to implement an effective strategy to support the banking institutions at a time when there’s the risk of accumulation of NPL in their balance sheets, since high NPL values in banks balance sheets tend, all other things being equal, to increase the cost of liquidity and capital, and to reduce profitability. The proposed amendments to Regulation 2017/2402 on securitizations about adjustments to the securitization framework are based on these premises. In addition to contributing to the financing of the recovery, these targeted changes should be aimed at supporting the resilience of the financial system, as it can be legitimately assumed that, with the extension of the STS framework to securitizations in the balance sheet, the STS label, which includes requirements to reduce complexity and increase transparency, will be used for a larger ∗Contributo approvato dai revisori. Npl e cartolarizzazione dei crediti 326 share of the EU market, while providing additional incentives for securitizations to take place within the robust EU framework and for banks to be supported in sharing risks with capital market operators, in compliance with the targets of the Capital Markets Union project. In a scenario in which companies and markets will not suffer the consequences of the post-pandemic economic crisis, with consequent use of leverage and the need for more advanced financial management, the expanded operational capacity of securitization, with increased safeguards and guarantees for operators and all the subjects involved, will be able to make it a decisive tool to relaunch the economic system at a time when ensuring its stability appears to be a priority. For public trust in the financial system to be preserved and guaranteed, it appears necessary to establish clear and complete means of representation regarding the effects of these rules to sensitise customers on the implications of the new discipline, to help them understand the changes currently taking place, and encourage conduct and behaviors that are correctly inserted in the renewed regulatory framework.