ECB's Stournaras: Many euro zone banks underestimate credit losses from pandemic

  • 1/15/2021
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ATHENS, Jan 15 (Reuters) - Many euro zone banks underestimate credit losses they are likely to incur from the COVID-19 pandemic and supervisors will focus on asset quality this year, European Central Bank Governing Council Member Yannis Stournaras said on Friday. “There is a widespread view that many banks in the euro-area underestimate their credit losses due to the pandemic, especially for the performing customers that are currently benefiting from payment deferrals,” he told a banking forum. Stournaras, who is the governor of Greece’s central bank, said the asset quality of European lenders would be at the epicentre of supervisory action this year. (Reporting by George Georgiopoulos Editing by Gareth Jones)

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