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IMF supports ECB proposal to raise provisions on bad loans
October 13, 2017 / 1:40 PM / 2 months ago

IMF supports ECB proposal to raise provisions on bad loans

WASHINGTON (Reuters) - The International Monetary Fund strongly supports the European Central Bank’s recent proposal to increase provision requirements for new non-performing loans, IMF European Department chief Poul Thomsen said on Friday.

Visitors are silhouetted against the logo of the International Monetary Fund at the main venue for the IMF and World Bank annual meeting in Tokyo October 10, 2012. REUTERS/Kim Kyung-Hoon/Files

The ECB recently proposed requiring lenders to increase loan loss provisions on newly classified non-performing, unsecured loans to 100 percent over two years. For secured loans, provisions would need to rise to 100 percent over seven years.

Reporting by Balazs Koranyi and Jan Strupczewski; Editing by Paul Simao

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