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Italy Bad Loans at 3-Year Low
Italy Bad Loans at 3-Year Low

Italy Bad Loans at 3-Year Low

Italy Bad Loans at 3-Year Low

Insolvent loans held by Italian banks fell to their lowest level in August since July 2014 as the country’s economy gathers pace and lenders work to shift risky assets off their balance sheets, Business Insider reported. The Bank of Italy said in its monthly report Italian banks’ bad debts totaled €172.85 billion ($204 billion) in August, down from €173.58 billion in July—when a jumbo bad loan sale by UniCredit helped cut the stock by €18 billion. While Italy’s economic recovery has lowered the share of loans turning sour back to pre-crisis levels, banks are still under pressure to reduce the backlog of impaired debts. Italian banking stocks have been falling in recent days after the European Central Bank unveiled a proposal to introduce automatic writedowns of the value of newly-classified bad debts. Italian Industry Minister Carlo Calenda said Italy would fight new proposals by the ECB to force banks in the eurozone to set aside more cash to cover bad loans.

 

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