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Italian lenders' nonperforming loans decline in August, Bank of Italy says

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Italian lenders' nonperforming loans decline in August, Bank of Italy says

Italy's banks saw a fall in nonperforming loans to €172.85 billion in August from €173.58 billion in July, Reuters reported, citing the Bank of Italy.

An improving Italian economy and the passage of a new securitization law in June have made it easier for banks to sell NPLs.

In July, UniCredit SpA struck a deal with Pacific Investment Management Co. LLC and Fortress Investment Group LLC relating to a €17.7 billion portfolio of bad loans.

The NPLs on Italian banks' loan books reached their lowest level since July 2014, according to the Oct. 10 report. However, analysts reportedly warned that it would take Italy several years to run down levels of these assets.