Intrum - comment

We’ve only recently listed reasons why the book is unlikely to be written down in the short term, but that of course is a different matter for JVs, where the partner marks differently and therefore may take steps that have repercussions for Intrum. Also, value movements in Italy are not directly transferable to the entire business. For more thoughts on Debt Collectors, or Intrum in particular please refer to our recently updated analysis.