In a report out late yesterday the European Central Bank announced it had found ‘shortcomings and miscalculations’ worth over €10 billion following inspections at Eurozone banks through 2017. Mario Draghi said, ‘in 2018 banks continue to face some key challenges. These include cleaning up their balance sheets, reducing legacy exposure originating from the financial crisis, such as certain non-marketable financial products, and from the Great Recession, such as non-performing loans’. Ten years on and still a train wreck. Daniele Nouy hinted at a change of view on bank capital ratios.
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