"Analisi e conseguenze delle esposizioni deteriorate nell'economia italiana, assicurazioni e gli effetti che potrebbe causare sul settore degli impianti sportivi italiani"

The investigation is motivated by the interest in the subject gained during the internship experiences carried out during the studies and which allowed to develop an analysis in the field using the typical operating techniques of the entities operating in the sector. During those years the financial systems and the real economy have been heavily burdened by the recent economic and financial crisis that has hit the continent and has compromised, among other things, the stability of the European banking system. The loan portfolio of intermediaries has become increasingly risky over the years, in the face of the inability of counterparties, especially privates and small-medium enterprise counterparts, to fulfil the repayment of their bank debts, with a consequent deterioration of the bank-enterprise relationships and with the creation of a new financial system referred to the management of bad loans. In the first part of the project I have decided to describe the general overview of this industry, starting from an analysis of the securitization markets in order to analyse the main players and products, that gave origin to a new market of Non-Performing Exposure. The porpoise is to better understand the analysis of the model used for the evaluation of a suffering portfolio through the description of the operating phases that firstly allow efficient data processing and subsequently enhancement. The following part of the thesis contextualises the passage of credit to default and provides an overview at a European level, with a careful focus on the Italian situation. The size of impaired loans is presented, the subjects who hold them and the subjects that manage them. From the peak of 341 billion euros reached in 2015, the Italian banks have done much to get rid of the NPL accumulated during the crisis period. However, these past few years of debt collection and disposal are not they were enough to instil a sense of serenity in the economic-financial system. The chapter ends with the analysis of the entry of potential new one's Italian market investors interested in managing these credits on their own account and the consequences that are affecting the market. An overview on the Real Estate Italian market has been done, as properties and buildings are the principal's portfolio-based assets. This phenomenon is beneficial for banks that eliminate from their balance sheets negative items and can release liquidity to make other investments, for this reason an analysis of the current situation, regarding in particular the Italian market, has been done to demonstrate. I decided than to develop an analysis of the consequences that this situation could have on the sports industry. Thanks to the “Instituto del Credito Sportivo” the principal Italian institute of sports loans, a description of the main players and products is given, with a focus on the consequences that this industry could have with the creation of specific portfolios based on non- performing exposure related to the sport industry.