Systemic eurozone bank provisions hit €11bn in Q2

The eurozone’s too-big-to-fail banks put €10.8 billion ($12.7 billion) aside for loan-loss reserves in Q2, in anticipation of a wave of defaults triggered by the ongoing coronavirus crisis. This was 11% higher than the amount taken in Q1. 

Of the eight systemic lenders, ING’s loan-loss provisions increased the most quarter-on-quarter, more than doubling to €1.3 billion. Huge charges were also taken by Groupe BPCE, which set aside €981 million in Q2, 95% more than in the prior quarter, and

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