EU banks saw distressed loans heap up in Q4

More than 10% of loans held by European Union banks were either close to, or in, default in December 2020, data from the European Banking Authority (EBA) shows – a reflection of the ongoing damage the coronavirus crisis is causing the bloc’s economy.

Loans classified as ‘stage two’ under accounting standard IFRS 9 – meaning those that have experienced a drop in creditworthiness since origination – made up 9.1% of EU banks’ total at the end of the year, up from 8% in September and 6.8% a year

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