Pirelli RE Credit Servicing, Italy's leading provider of special servicing

In 2007 Pirelli RE Credit Servicing (100% Pirelli RE), Italy's leading provider of special servicing, cashed in circa €550 million (mn) from the management of non performing corporate loans and mortgages worth circa €2 billion at net book value; this does not include the NPL portfolio originated by Banca Antonveneta and its subsidiary Interbanca worth €530 mn at net book value which the company has been managing since the second half of last December. Circa 50% of the recoveries were settled out of court.