My impression from reading TIM's annual reports and talking to...

My impression from reading TIM's annual reports and talking to its staff is that TIM has about half of its loans are "on-lent" to MIS investors.

These loans to investors are usually "securitised" with banks. That means TIM cashes on the loans from the banks with the amount usually less than the loans' par value, so TIM can't earn any interests from the loans at all. This "securitisation" usually occurs immediately after issuing the loans to investors, in order to obtain the cash flow in the same financial year of selling the MIS projects.

TIM's "securitisation" of investor loans is very similar to GTP.