Bloc's Progress On €636B 'Bad Loans' Inconsistent, EU Finds
Law360, London (November 8, 2019, 5:12 PM GMT) -- Some European Union countries are struggling to offload their share of the bloc's €636 billion ($701 billion) stockpile of bad loans because of inefficient legal frameworks and poor secondary markets for selling off the debt, Europe’s banking watchdog said Friday.
The European Banking Authority said there are great differences in the levels of nonperforming loans held by countries across the EU. Greece reported the highest ratio of nonperforming debt in connection with outstanding loans, which was 39.2% in June. Cyprus reported a level of 21.5%, the EBA said.
The regulator said in a report on the quality of assets in Europe...
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