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Non-performing loans across EU over 1.06 trillion USD

Xinhua, April 7, 2017 Adjust font size:

Non-performing loans across EU amounted to over one trillion euros (1.06 trillion U.S. dollars), and has been taken as the main issue at an informal meeting of EU economic and financial affairs ministers held in Malta on Friday.

Although non-performing loans (NPLs) appeared to be concentrated in some members, a resolution will be beneficial for the EU as a whole, Maltese Finance Minister Edward Scicluna said.

Given its magnitude, the issue of NPLs will be not resolve itself without comprehensive action. A subgroup has been working on this issue and been tasked to finalize its report for the next Ecofin in June, where a strategy will be agreed upon and implemented.

Vitor Constancio, vice-president of the European Central Bank, stated that guidance to the banks has been issued regarding best practices in dealing with NPLs and to set up targets for their reduction. However it was recognized that many other actions are needed to deal with the problem. Endit