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.
In the last few days, the Government has asked the European Commission to extend the possibility of using GACS beyond the current deadline of September. The improvements made thus far should be consolidated and strengthened.