The amount of Npl that Ubi is preparing to put on the market during 2018 could be larger than expected.

According to some press rumors, the institute led by Victor Massiah is evaluating a securitization operation with public assistance (GAGS) for a total figure of between 3 and 4 billion. A decidedly higher portfolio than the 1-1,5 billion that were assumed in February, estimates that the bank had not confirmed in any case.

The bank's official position on the matter is the one communicated in the note released on the 2017 accounts where it was announced that "The sale over the next 3 years of a significant package of non-performing loans has been approved in order to accelerate the achievement of a ratio of gross non-performing loans below 10% between 2019 and 2020, depending on market conditions".

The decision to resort to the Gags instrument, which is also being studied by several other banks, presents an advantage in terms of assessing non-performing loans, which credit institutions do not intend to let slip. On average, in recent operations, banks have managed to obtain a price of around 30-35% for securitized impaired loans. A decidedly higher value than those sold on the market to specialized operators on average.

Massiah recently reiterated that he has no constraints that are pressing for extraordinary transfers of non-performing loans, but that he wants to proceed along the path of derisking only at convenient conditions for the bank and its shareholders. It is in the light of these considerations that the Lombard institute prepared the plan to update the management and reduction strategy for NPLs presented to the ECB on 30 March.

Meanwhile in Piazza Affari the securities of the institute, which yesterday successfully concluded the 500 million euro issue of the new category of non-preferred senior bonds, marked a timid rise, gaining 0,4% to 3,8 euro, while the sector index (FTSE Italia All Share Banks) increases by 0,2%.