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Euro zone banks must cut soured loans, prepare for hard Brexit: ECB

Euro zone banks must cut soured loans, prepare for hard Brexit: ECB
FILE PHOTO: The skyline with its banking district and the European Central Bank (ECB) is photographed in Frankfurt, Germany, August 13, 2019. REUTERS/Kai Pfaffenbach -
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FRANKFURT (Reuters) – Reducing euro zone banks’ pile of soured loans and speeding up plans for a hard Brexit are among the top priorities for supervisors, European Central Bank supervisory chief Andrea Enria said on Wednesday.

“In particular, we will follow up on our guidance on non-performing loans, as well as on the recommendations stemming from our targeted review of internal models. And we will conduct on-site missions focusing on trading risk and asset valuations,” Enria told the European Parliament’s committee on economic affairs.

“Banks should now speed up the implementation of their Brexit plans so as to be fully prepared in the event of a hard Brexit at the end of October,” Enria added

(Reporting by Balazs Koranyi; Editing by Andrew Heavens)

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