As a result of these trends, the NPL stock is diminishing at a remarkable pace (Fig. 3). Including the sales that will be completed in the next few months, by mid-2018 the volume of NPLs net of provisions will amount to less than € billion, almost one third below the peak of 2015.
The net NPL ratio will stand at 7.8 per cent, against 10.8 per cent in 2015. Considering only  2  In 2017 the Italian State intervened to recapitalize Banca Monte Paschi di Siena and to liquidate Banca Popolare di Vicenza and Veneto Banca. Moreover, the four banks put into resolution in November 2015 were eventually sold.