FRANKFURT, Oct 24 (Reuters) - Italian banks offloaded bad loans faster than their peers in any other euro zone country in the three months to June, European Central Bank data showed on Tuesday. Among other crisis-struck countries, Spanish banks reduced their foul credit by 4.7 billion euros, Greek banks by 2.3 billion euros and Portuguese banks by 1.9 billion euros. Overall, the 114 euro zone banks polled by the ECB were sitting on bad loans worth 843 billion euros at the end of June, down by 71 billion euros compared to three months earlier. The data also showed the banks had provided for 44 percent of those loans. Earlier this month, the ECB published proposals forcing banks to provide for the full amount any new unpaid loan and it is studying similar measures for legacy ones.

Source: Times of India October 24, 2017 09:45 UTC