In September 2017 nonperforming exposures stood at € billion or 44.6% of total exposures, having declined by 7.6% (or € billion) from the March 2016 peak. The improvement during the period JanuarySeptember 2017 resulted mainly from sales and loan write-offs. 3.
Short and medium-term outlook Progress in the implementation of the adjustment programme and in particular the completion of the 3rd review is having a beneficial impact on confidence, liquidity and economic activity. The  economy is recovering.