Italian Unpaid Fiscal Claims: A Potential New NPL Subcategory

At the end of January 2025, press reports indicated that the Italian government is taking a second look at securitisation, an option that had been included among the provisions for the reorganisation of the national tax collection system
-- The Italian government is studying securitisation as one potential way to partially recover the unpaid fiscal claims of taxpayers.
-- A securitisation transaction backed by this kind of receivable would be similar to a nonperforming loan (NPL) transaction.
-- We believe that such a structure could have a positive impact on the Italian NPL market by creating a new asset subcategory.

"Since 2016, Italy has become one of the main markets for NPLs, with many servicers specialised in the management of receivables due from defaulted debtors or in a financial distressed situation. The management of unpaid fiscal claims by specialised private entities could result in a much more efficient recovery process", said Lorenzo Simonte, Assistant Vice President, European NPL & RPL Ratings.