They expect a much smaller than average drop in turnover in 2009. At one extreme, the more financially solid among them are now buffering the impact of the recession by consolidating their technological edge and diversifying their outlet markets. There are a fair number of such firms, we estimate more than five thousand, employing nearly a million people.
The authorities have also adopted legislation that liberalises NPL servicing for all loan categories, and provided a framework for the sales of loans. In addition, banks have set up comprehensive strategies, including detailed operational measures and actions, prioritised and scheduled, as well as numerical targets to significantly reduce their NPE stocks over the coming years.