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Wednesday, 22 July 2020 13:40

EUROPE’S BANKS TO LOSS $400B DUE TO FIRST WAVE OF CORONAVIRUS

The pandemic could trigger a surge in bad debts for European banks over the next three years, says a new report from consultancy Oliver Wyman. Loan losses could amount to €400bn, according to the firm’s expected scenario in which most countries avoid a second lockdown. Should there be a second wave, then Europe’s banks may have to brace for €800bn in credit losses – or 10% of their total lending. The report further states that the situation could have been worse: government support schemes have likely shielded the industry from about a third of corporate defaults.

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