Debt Restructuring and NPL Resolution - Regional Events
Vienna Initiative 2.0 Workshop, Vienna, 23 September 2014
NPLs are a serious impediment to recovery from the financial crisis in certain CESEE countries where the overhang of distressed assets distracts banks from focusing on developing new businesses.
Vienna Initiative partners, including the key International Financial Institutions (IFIs), public authorities and private banks, met in Vienna to address non-performing loans (NPLs) in central and south-eastern Europe (CESEE). Other market participants such as potential investors and advisory services also took part in this meeting.
Participants at the Vienna Initiative workshop called for targeted action to address NPLs in CESEE, recommending that country-specific groups be set up in order to identify and address the key obstacles to NPL resolution and propose potential remedies. These country groups will draw on the input of workout professionals, legal experts, local regulators and IFIs. NPL action plans will be drawn up by each newly created country group in the selected countries. Reporting and monitoring on the proposed actions will be reviewed under the Vienna Initiative.
The Vienna Initiative IFIs re-confirmed their support to this work and are committed to facilitate early resolutions of NPLs in accordance with their respective mandates, via technical assistance and participation in projects.
For more information on the event and its outcomes, please click on the links below.