Benoît Cœuré: Duration risk in the financial system Speech by Mr Benoît Cœuré, Member of the Executive Board of the European Central Bank, at “The Global Borrowers and Investors Forum 2013 – a Euromoney Conference”, London, 25 June 2013. *  *  *  I wish to thank Gerhard Rünstler, Christoffer Kok and Matthias Sydow for their contributions to these remarks.
This is the case of Portugal, for instance, where NPLs grew essentially in the context of the 2011–13 recession and are a manifestation of the ongoing economic adjustment process, characterized by a reallocation of resources towards the tradable sector and away from the construction and real estate sectors.