October 13, 2017 / 1:40 PM / 4 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.

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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