On the 3rd of february 2026 we took part at the CV Securitization Day, the securitization event organized in Milan by Credit Village, where we explored the growing role of securitizations in the market for non-performing loans and real estate assets. Securitization is no longer simply a tool for transferring risk: it now represents a driver of value in the NPL transaction cycle, offering concrete opportunities for both servicers and investors. During the event, we analyzed several key aspects:

The unstable global economic trend and the decision of central banks to raise interest rates to stem inflation could represent a short and medium-term risk for the performance of NPL operations.

Crushed between a pandemic and a war at the gates of Europe, the real estate sector is experiencing a particular market phase. Despite everything, years 2021 and the beginning of 2022, compared to the previous year, recorded in our country good signs of recovery with an increase in real estate investments of 6%. However, each asset class responds differently to external conditioning and each requires specific evaluations.

According to the most recent market estimates, a new increase in NPL stocks on banks' balance sheets is expected in 2022. But in the perspective of a better future management of the problem, it is interesting to analyze the trend of the accumulation/disposal cycle of non-performing loans in the post-international financial crisis period.