Operações de venda de NPLs

: uma visão geral ao abrigo do regime jurídico português

Abstract

NPL portfolios sales have been playing a key role in the deleveraging activities of European banks, with the volume of portfolios traded during the year of 2019 reaching 102,4 billion euros in Europe.Although credit institutions often dispose of their NPL portfolios through outright sales, in recent years there has been an increasing number of NPL securitizations. Both direct sales of portfolios and securitization have similar characteristics and pursue identical purposes. However, they should be seen as complementary structures in light of their different characteristics.In this paper I propose to analyze the core aspects of the assignment of credits and securitization as the underlying legal structure for the transfer of NPL portfolios in Portugal, comparing them from the perspective of both the particular non-performing nature of the assets to be transferred and the objectives that the parties seek to achieve with the operation.

Date of Award	29 Mar 2021
Original language	Portuguese
Awarding Institution	Universidade Católica Portuguesa
Supervisor	André Lopes Teixeira de Figueiredo (Supervisor)