November 24, 2017, 12:47 pm
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Lawmaker tells ECB to drop bad loans plan

FRANKFURT- The European Central Bank should scrap plans for industry-wide rules to force banks to clean up bad loans, the head of the European Parliament’s influential economic affairs committee said on Friday, as lawmakers dug in their heels in a dispute.

At the centre of the row is how best to tackle European banks’ bad loans, which stand at more than $1 trillion, a thorny issue that has divided euro zone countries and is now driving a wedge between the ECB and the EU’s parliament.

The ECB faced protests after announcing timelines for banks to set aside money for losses on new loans that have gone roughly three months unpaid. That angered EU lawmakers, who are trying to draft their own rules on soured credit.

Earlier this week, the ECB’s chief supervisor Daniele Nouy travelled to Brussels, attempting to calm down the dispute with a promise to delay and improve the new rules. - Reuters
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