October 10, 2017 / 12:29 PM / 9 days ago

Germany's Schaeuble backs ECB plans on bad loans

FILE PHOTO: German Finance Minister Wolfgang Schaeuble during a news conference in Berlin, Germany, March 15, 2017. REUTERS/Fabrizio Bensch/File Photo

LUXEMBOURG (Reuters) - German Finance Minister Wolfgang Schaeuble expressed support on Tuesday for European Central Bank (ECB) proposals that would force banks to set aside more cash against newly classified bad loans from 2018.

“I can only support the ECB with its position. A large majority of European finance ministers also supported (ECB chief Mario) Draghi on this point,” he said after a meeting of finance ministers in Luxembourg.

Schaeuble also said Spain had developed “wonderfully” in the last few years. “I would like this development to continue within the framework of the Spanish constitution,” he added.

Reporting by Peter Maushagen; Writing by Madeline Chambers; Editing by Michael Nienaber

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