Private Credit

Asset Quality Review: Key Findings and Potential Implications

Overview

On October 26, 2014, the European Central Bank (“ECB”) released the highly anticipated results of the Asset Quality Review (“AQR”), a comprehensive year-long assessment of the financial health of the European banking system. In the months preceding its release, significant sales of non-performing loans (“NPLs”) and other non-core assets as well as capital raises occurred, already creating a significant impact. While the market continues to digest the report’s findings, below we highlight the key results, as well as provide our initial assessment of its potential implications.

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