For banks under direct ECB supervision, the gross NPL ratio fell from € billion when the SSM was launched to € billion in the first quarter of this year. There is still some work to do here, and it should be done quickly while the sun is still shining. Of course, the SSM is not the only pillar of this banking union.
Issuances are supported by Primary Dealers (PDs) who fully underwrite the issue. Auctions are conducted through both competitive bidding [for all residents, Foreign Portfolio Investors (FPIs) and Non-Resident Indians (NRIs)], which determines the market-clearing price, and non-competitive bidding (for retail investors, largely), which receives the allotted securities at the market-clearing price.