Credit risk of EU state-backed loans deteriorated in Q3
Almost 5% of public guarantee scheme loans are designated ‘stage two’
State-guaranteed loans in the European Economic Area (EEA) originated in the wake of the Covid pandemic are getting creakier.
Data from the European Banking Authority (EBA) shows that of the near €300 billion ($365 billion) loans covered by public guarantee schemes (PGS) held by lenders as of end-September, 4.9% were designated ‘stage two’ under IFRS 9 accounting rules, meaning they’d
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