The massive stock of Non-Performing Loans (NPLs) in Europe has forced regulatory and supervisory authorities to promote debate on their management and timely disposal. Simultaneously, the transition to IFRS 9 created the need for higher provisioning and for weighting sale scenarios in the assessment of NPLs. This study, using a scenario analysis based on the Italian experience of the NPL resolution process, focuses on the cost of deleveraging by comparing the alternative strategies of direct sale and securitization. The study highlights the impact of the assumptions derived from the portfolio assessment and the additional cost arising from the uncertainties surrounding the appropriate recovery procedure. It demonstrates that securitization minimises this cost, while estimating the benefit derived from the support of State-backed guarantees. These findings provide useful insights for policy makers, suggesting the promotion of further measures that aim to reduce the transfer of value from banks to third parties.

欧洲大量的不良贷款（NPL）已迫使监管部门加强对如何管理和及时处置的辩论。同时，向国际财务报告准则第9号的过渡产生了对不良贷款评估中更高的拨备和加权销售方案的需求。这项研究基于意大利在不良贷款解决流程方面的经验，进行了情景分析，通过比较直接销售和证券化的替代策略，着重研究了去杠杆化的成本。该研究强调了来自资产组合评估的假设的影响，以及围绕适当回收程序的不确定性所产生的额外成本。它表明，证券化可最大程度地降低此成本，同时估算从国家支持的担保的支持中获得的收益。