14 The total volume of transactions in the loan portfolio market – including also non-distressed portfolios – in  Europe amounted to about € billion in 2016, which is less than 10% of the EU NPL stock. See Deloitte (2017), “Uncovering opportunities in 2017. Deleveraging Europe 2016–2017”.
15 Fell, J., M. Grodzicki, R. Martin and E. O’Brien (2016), “Addressing market failures in the resolution of non-  performing loans in the euro area”, Special Feature B in ECB Financial Stability Review, November 2016.