As of June 2018, the NPE stock stood at € billion, reduced by 6.1% since December 2017 and by 17.3% from its peak (March 2016). So far, NPE reduction has been mainly driven by write-offs and to a lesser extent by loan sales.
This partly explains the stickiness of the domestic NPE ratio at 47.6%, which remains one of the highest in the euro area. Despite the progress so far, we still have a long way to go. Greek banks have already submitted revised NPE operational targets covering the period up to 2021.