Perhaps one notable exception is the UK, which is not covered by this report. Like other countries, the UK financial system has been negatively impacted by the subprime crisis. However, there has been no NPL activity to speak of in the UK in recent years. At the time of publication of this report it was too early to assess if the subprime contagion will result in a deterioration of the commercial and residential mortgage market, which in turn could result in a wave of NPLs.
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