Paola Sabbione: In a recent speech, Mrs. Nouy borrowed a popular slogan tofurther clarify her view on the NPL stock reduction: "Just do it!". We believe thesector got the message, and in the Q4 results, we expect acceleration in NPLstrategies from all banks. Together with a favorable macro outlook, a progressivereduction of the NPL issue makes us constructive on Italy. We confirm UCG asour top pick: 1) balance sheet risk is reduced, so 2) 2018E can be the year of thecommercial re-focus, which will be more visible in H2E, but 3) Q4 P&L looks solidalready, mostly in line with guidance but a touch better on costs and taxes, inour view.

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