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MILAN, Sept 5 - A law sponsored by the Italian prime minister's party to help hard-up borrowers could inflict"significant collateral damage" to the country's non-performing loan market, credit rating agency Scope Ratings said on Tuesday.
The draft law, which has yet to be debated by parliament, aims to give borrowers the right to repay the original loan at a price equivalent to the ratio between the loan's gross nominal value and the average portfolio price, plus a 20% premium. It said it sees no immediate impact on banks' credit quality, as the lenders"no longer carry a large stock of NPLs on their balance sheets".
While the proposal is under discussion, according to Scope Ratings borrowers are likely to adopt a wait-and-see approach before reaching extra-judicial agreements with servicers, resulting in delayed NPL collections.
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