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  HOME | Business & Economy (Click here for more)

European Central Bank’s Draghi: We Need a Joint Effort to Tackle Bad Loans

FRANKFURT, Germany – There needs to be a joint effort among many parties to help banks reduce their non-performing loans, European Central Bank President Mario Draghi said on Tuesday, according to a report from Dow Jones Newswires.

The comments come one month after the central bank issued controversial guidelines on dealing with new bad loans and Draghi was underlining one of the key challenges facing banking supervisors.

Draghi said that though the percentage of bad loans among large banks had fallen over the last two years, “many banks still lack the ability to absorb large losses, as their ratio of bad loans to capital and provisions remains high.”

He added that, “We therefore need a joint effort by banks, supervisors, regulators and national authorities to address this issue in an orderly manner, first and foremost by creating an environment where (non-performing loans) can be effectively managed and efficiently disposed of,” he said.

 

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