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Nearly quarter of loans non-performing in Albania

Xinhua, January 13, 2015 Adjust font size:

The ratio of non-performing loans in Albania's banking system stood at 24.2 percent in 2014, a local newspaper reported Tuesday.

Albania's central bank also projected that the ratio would be reduced this year thanks to the return of quantitative credit growth and clearing of balances of bad loans, the Albanian Daily News said.

Changes in regulations of the Bank of Albania and the law on income tax, related to the recognition of loans written off as tax-deductible expenses, would contribute to a reduced level of credit with problems in 2015, the report said.

Last year, some European countries severely hit by the financial crisis continued to witness record levels of non-performing loans, with bad loans in Cyprus and Greece surpassing 30 percent.

Albania has more stringent rules for the classification of bad loans, which include loans delayed more than 90 days, while most other countries consider loans as lost if delayed over 180 days. Endi