In the context of a continuing ECB spotlight on Italian banks, coupled with progressive legislative and accounting reforms, we believe that banks and investors require a specialist workout proposition tailored to a diverse set of NPL, Real Estate and UTP portfolios. We recognize that solutions may be heterogenous – involving analysis, management, cure, deleveraging, or even additional capital to fuel restructuring plans or complex RE initiatives – in order to unlock the embedded value in the portfolios and, where appropriate in the underlying collateral.