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October 27, 2020
FRANKFURT (Reuters) – European Union countries could create a network of national bad banks to mop up an expected wave of unpaid loans as a result of the coronavirus pandemic, the European Central Bank’s chief supervisor Andrea Enria said on Tuesday.
“A European initiative, for instance connecting in a network national AMCs (asset-management companies), via common funding mechanisms and harmonised pricing, could be a useful tool for addressing the expected rise in NPLs (non-performing loans) and ensuring a level playing field within the banking union,” Andrea Enria told the European Parliament,
(Reporting By Francesco Canepa; Editing by Jon Boyle)
