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EU strikes deal on banking rules for new bad loans cover

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By Reuters
EU strikes deal on banking rules for new bad loans cover
FILE PHOTO: A man with an umbrella walks past the EU Commission headquarters in Brussels, Belgium November 12, 2018. REUTERS/Francois Lenoir   -   Copyright  FRANCOIS LENOIR(Reuters)

BRUSSELS (Reuters) – European Union lawmakers and governments on Tuesday reached a political deal on new rules for the money that banks should set aside against possible losses from new loans that turn sour, the EU Commission said.

“Today’s political agreement is an important step to further reduce risks in the EU banking sector and strengthen its resilience,” the EU executive said in a statement.

(Reporting by Francesco Guarascio; Editing by Kevin Liffey)