The non-performing loan (NPL) market is booming. Although the positive trend of the global economy is having an undoubted positive effect, divestitures by originators are, at least in some jurisdictions, the primary driver of the decrease of NPL ratio in the originator banks’ balance sheet, securitisation being one of the most commonly used tools for such divestitures. New challenges are posed by a number of variables, including the increasing interest of investors in the so-called ‘unlikely to pay’ distressed assets, the new skills that servicers are requested to deploy in the management of this asset class and in extracting value from NPLs generally, regulatory changes and the introduction of International Financial Reporting Standards (IFRS) 9. This session will explore the approach of originators, investors and their servicers, and the regulators approach to such demanding developments.