This targeted consultation will inform the Commission on remaining obstacles to the proper functioning of secondary markets for NPLs as well as possible enabling actions that it could take to foster these markets by improving the quantity, quality and comparability of NPL data. The consultation will also enable the Commission to decide on whether EU coordinated action and/or policy measures are warranted in order to limit market failures in terms of information asymmetries, to increase market liquidity, to lower bid/ask spreads and hence to enable more efficient NPL markets. Ultimately, NPL markets in the EU should be transparent and liquid, so that they allow for informed trades of banks and investors that are beneficial for all stakeholders, including borrowers.