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Bad loans decline, EU Commission says in argument for risk-sharing banking union (update*)

( November 28, 2018, 11:07 GMT | Official Statement) -- MLex Summary: EU banks’ bad loans declined to 3.4 percent of all credits on average across the region, compared with 4.6 percent in the previous year, the European Commission said in an argument for sharing risks as part of a banking union. Greek banks remain the most burdened in the bloc, with almost 45 percent of loans classified as nonperforming, followed by Cyprus at 28 percent, Portugal at nearly 12 percent and Italy with 10 percent. The EU executive body also presented a blueprint for transaction platforms that member states can use to help lenders offload their distressed debts. To help open up new channels of finance for the economy, EU legislators should complete a series of pending bills for a capital markets union, the commission added.The text of the statement follows. The full reports plus a staff paper on loan-transaction platforms* are attached below, along with related memos and factsheets....

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