Eurozone Banks in Denial About Bad Loans

Some euro zone banks are “in denial” about their problems with unpaid loans, the European Central Bank’s chief supervisor has told a Finnish weekly.

“In all euro area countries, there are … banks that are not doing so well but are committed — and bravely so — to tackling their problems; and then others that are somewhat in denial and will have to change to improve,” Daniele Nouy told Talouselämä in an interview published on Friday.

She was responding to questions about a request for public help by Italy’s Monte dei Paschi di Siena and apparent failures to clean up the banking sector in that country and in Germany.

Reuters

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Craig Erlam

Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam