01974cas a2200241 a 4500 AALejournalIMF016945 230101c9999 xx r poo 0 0eng d 5.00 USD 9781475570243 1018-5941 BD-DhAAL BD-DhAAL Garrido, Jose. Insolvency and Enforcement Reforms in Italy / Jose Garrido. Washington, D.C. : International Monetary Fund, 2016. 1 online resource (21 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students Italian banks are burdened with high levels of nonperforming loans, the cleanup of which depends in important part on the efficiency of insolvency and enforcement processes. Traditionally, these processes in Italy have taken very long, hampering the timely cleanup of balance sheets. In response, the authorities have legislated a number of measures. This paper explores the recent insolvency and enforcement reforms and the remaining challenges. These reforms introduce important positive changes that are expected to yield full benefits over the medium to long term. The efficacy of the reforms, including to deal with the current stock of high nonperforming loans, can be enhanced by introducing effective out-of-court enforcement mechanisms, supplemented by a more intensive use of informal and hybrid debt-restructuring solutions. Moreover, there is an urgent need to rationalize the system, which over the years has become very complex and intricate. Mode of access: Internet IMF Working Papers; Working Paper ; No. 2016/134 Full text available on IMF http://elibrary.imf.org/view/journals/001/2016/134/001.2016.issue-134-en.xml IMF e-Library