Some euro zone banks deny their bad loans

Some euro zone banks deny their bad loans

Some euro zone banks keep denying their issues with unpaid loans, as the ECB’s chief supervisor has recently unveiled.

In all euro area countries, one can spot financial institutions, which aren’t doing so well, though they try to show their commitment to solving their issues, while others even dare to deny their obvious problems. That’s what Talouselämä, supervisor from the ECB told in Friday’s interview.   

She was answering questions as for a request for public assistance by Italy’s Monte dei Paschi di Siena as well as apparent failures to clean up the banking sector in Italy and also in Germany.

Trying to cope with a huge and ascending pile of bad loans, Monte Paschi has had to apply for a recapitalization by the Italian state, although the rescue has yet to be officially approved by EU authorities.

As the euro zone's key banking watchdog, in December the ECB set Monte Paschi's capital shortfall at about 8.8 billion euros, though Nouy stressed that earlier this week extra discussions about the bank's losses were required.

 

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