08-11-2016, 11:11 PM
Something necessary, although still really not anywhere near on the scale that is required:
Bad-loan deals in Europe this year have already surpassed 2015’s total, driven by Italian banks’ efforts to clean up balance sheets, according to Deloitte LLP. Lenders agreed to 112 billion euros ($125 billion) of sales in the first six months of the year, compared with 104.3 billion euros for all of last year, the company said in a statement. The estimates cover completed and on-going sales of non-performing loans and non-core assets. Loan sales in Italy totaled 11.4 billion euros in the first half, with another 40.6 billion euros of deals underway, Deloitte said. The nation’s government has acted to help banks tackle nonperforming debts totaling about 360 billion euros in a bid to revive lending and economic growth.
Bad-Loan Deals Surge in Europe as Italian Banks Clean Up Assets - Bloomberg