The ECB asks banks for more provisions against loan defaults

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The ECB asks banks for more provisions against loan defaults

Many eurozone banks are still far from meeting accounting standards on the provisions needed to protect themselves from loan losses, and this concerns the head of bank supervision at the European Central Bank (ECB), Claudia Buch. Cyber attacks, climate risks, global conflicts... new dangers for the indebted industry that conventional risk models do not detect and that recommend extreme caution. That is why ECB bank supervisors are asking major b…