August volumes were also 45% below the average for the same month of the two previous two years. Factors contributing to the decline include a sharp reduction in collections from judicial strategies. August is the peak of Italy’s summer vacation period. Business activities see a substantial slowdown and the courts only deal with urgent cases.

As a result, judicial proceeds in August were less than half of those in July (down EUR 64m to EUR 41m). There was also a notable decrease in DPOs and note sales proceeds compared to the previous month (-EUR 13m and -EUR 8m to EUR 20m and EUR 0.6m, respectively).

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