EU Intervention Gives Banks More Time To Clear Bad Loans

Law360, London (August 22, 2019, 2:01 PM BST) -- Banks in the eurozone will get more time to cover losses from soured loans after the European Central Bank eased rules Thursday following intervention from the European Parliament.

The ECB said it would revise its supervisory expectation for banks for how long lenders have to clear nonperforming loans — currently standing at €820 billion ($908 billion) — from their books after the European Parliament weighed in on the matter with its own legislation.

“The European Central Bank has decided to revise its supervisory expectations for prudential provisioning of new non-performing exposures specified in the addendum to the ECB Guidance to banks...

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