Large stocks of non-performing loans in the balance sheets of EU banks are not only a microprudential supervisory problem, but an issue with broader macroprudential and financial stability dimensions. Resolving the legacy non-performing loans has become a key priority to restore the sustainability of the banking system in certain EU Member States. Speakers in this session discussed possible actions to address the current and future non-performing loans in Europe. Chair: John Fell, European Central Bank Speakers: Aristóbulo de Juan, Aristóbulo de Juan y Asociados, S.L. Belén Romana García, Aviva Davide Serra, Algebris Investments Ed Sibley, Central Bank of Ireland