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ECB hints at probable delay of tougher rules on bad loans
The European Central Bank is all geared up towards postponing the introduction of tougher rules on bad bank loans after heavy criticism from the European Parliament and Italy, as the ECB's top supervisor informed on Thursday.
Daniele Nouy backed the proposed new guidelines, forcing financial institutions to set aside more funds for loans, which sour, although stressed the ECB could potentially push back their introduction from January 1 if it could assess all the feedback it obtained.
The guidelines, which are under consultation until December 8, have managed to draw fire from Parliament, lifting the risk of an unprecedented feud between the institutions.
The euro zone authorities told they could force financial institutions to tame lending or even lift capital on the market. The given task has been neglected by some Italian banks in recent months, thus causing state interventions.
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