For the less significant banks  3  the share of all NPLs (7.1 per cent) remains higher than that recorded by the significant banking groups (5.1 per cent). The development of the secondary market is making an important contribution to reducing the number of NPLs.
This market in turn benefits from the state guarantee on senior debt issues deriving from the securitization of bad loans (GACS). The gross value of the bad loans securitized under the GACS system was approximately € billion and it is expected to increase considerably in the months to come.