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  "documentTitle": "Turkish NPL Purchasing Market Overview and the way forward",
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      "text": "Such high volumes of NPL sales contributed to the reduction of NPL ratios of above mentioned countries to healthy levels. Turkey might need to follow suit to reduce its NPL ratio to the pre-2017 levels.",
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      "text": "NPL ratio: 5.4%",
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      "text": "Due to strong monitoring of banks by the BRSA following the 2001 crisis, relatively limited impact of the 2008-2009 global recession on the Turkish banking sector and the introduction of regulations supporting bank restructuring and recovery practices, NPL ratio of banks in Turkey stood at an average of 3.3% between 2008 and 2017. However, the financial and economic downturn after 2017 contributed to the increase of the NPL ratio to 5.4% in 2019 above the EU average of 3.2% (Turkey was below the EU average of 4.4% in 2016). The NPL ratio of banks in selected developed economies (Spain, France and Germany) except Italy, was below the selected group average of 4.0% (please see Exhibit 9). This is due to the amount of NPL sales being higher in the European markets. After the 2008 global recession, NPL balance, which peaked to c. EUR 1 trillion in the EU by 2016, has decreased to c. EUR 510 billion in September 2020 with c. EUR 700 billion of NPL sales between 2015 and 2020. Such high volumes of NPL sales contributed to the reduction of NPL ratios of above mentioned countries to healthy levels. Turkey might need to follow suit to reduce its NPL ratio to the pre-2017 levels.",
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      "text": "Source: World Bank, ECB, Strategy& analysis",
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