Covid-forborne and state-backed loans keep creaking louder

Share of non-performing ex-moratoria and guaranteed exposures at EU banks balloons amid energy crisis, EBA data shows

Loans that benefited from payment holidays and state guarantees through Europe’s Covid-19 storm keep deteriorating, European Banking Authority (EBA) data shows, which doesn’t bode well for default rates as recession fears mount.

Of €583 billion ($647.2 billion) in outstanding loans and advances previously under forbearance due to the pandemic, some 6.4% was classified as non-performing as of end-September, compared with 5.5% at end-2021 and 4.9% in Q3 2021, when the active exposures with

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