Commenting on today’s report from the Commission outlining progress made so far on the issue of non-performing loans (NPLs), Simon Lewis, Chief Executive, at AFME said:

“High levels of NPLs have acted as a drag on Europe’s economic recovery, so it is very encouraging to see that they are steadily declining. We would encourage the Commission to seize the opportunity to build on this progress by prioritizing the harmonisation of minimum insolvency standards across Europe and facilitating greater use of secondary markets for NPLs and distressed debt.

“The picture for banks’ NPLs in individual countries continues to vary widely, which is all the more reason why all regulatory efforts should focus on bank-specific measures, rather than a blunt one-size-fits-all Pillar 1 approach.”

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