It not only resulted in privatization of large public sector banks but the process of privatization was effectively conducted offering new management in most cases relatively cleaner bank where the key issues of NPL resolution and rationalization of work force were dealt with upfront or ongoing flexibility is awarded through special schemes to deal with the outstanding issues.
Peter Praet: Monetary policy and the euro area economic expansion Remarks by Mr Peter Praet, Member of the Executive Board of the European Central Bank, at the JP Morgan Seminar entitled "Euro Zone: Will the European Recovery Continue? ", Washington DC, 12 October 2017.