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Euro zone banks still need to take swift action on bad debts: ECB

Euro zone banks are making progress in reducing their pile of bad debt, but further swift and decisive action is still needed, European Central Bank supervisor Daniele Nouy told the European Parliament’s economic affairs committee on Monday.

“The quality of banks’ assets continues to be a serious challenge in the banking union as a whole, but the problem is also concentrated in certain countries,” Nouy said.

“In recent months we have seen a number of banks starting to address their asset-quality issues much more actively,” Nouy said. “Our efforts in this area will continue.”
Source: Reuters (Reporting by Balazs Koranyi, editing by Larry King)

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