Europe has a problem of € 1 000 billion, almost half the Dutch GDP. For that amount European banks have bad loans (non-performing loans, NPL's) on the balance sheet. Only nuance is in place, says Dirk Schoenmaker."The true extent of the problem is the gap is between the carrying value of the portfolios - which the banks charge them - and the market value. There is just 20 percentage points among them."