Over €50bn worth of non-performing loans (NPLs) still remain on Irish bank books, according to new figures by the European Central Bank (ECB), despite €74bn worth of face-value loans being transferred from Irish banks to the National Asset Management Agency, and a further €40bn reduction in NPLs in the two years following the end of 2013. "There are of course some differences but some of those relate to the fact that different countries are in a different places re' the macroeconomic cycle," said Sharon Donnery from Ireland's Central Bank, who chaired the ECB’s working group. The ECB agrees that the scale of NPLs in Ireland "remains high" and noted the "significant time lag" between a solution being agreed and a reduction being recorded. In its latest report published today, the ECB's monetary policy committee (MPC) said it was concerned about "the high level of outstanding NPLs" as well as the lack of progress made towards resolving them.
Over €50bn worth of non-performing loans (NPLs) still remain on Irish bank books, according to new figures by the European Central Bank (ECB), despite €74bn worth of face-value loans being transferred from Irish banks to the National Asset Management Agency, and a further €40bn reduction in NPLs in the two years following the end of 2013. The ECB agrees that the scale of NPLs in Ireland "remains high" and noted the "significant time lag" between a solution being agreed and a reduction being recorded. In its latest report published today, the ECB's monetary policy committee (MPC) said it was concerned about "the high level of outstanding NPLs" as well as the lack of progress made towards resolving them.