There is "much" still to be done on
Italian banks' burden of non-performing loans (NPLs), the
International Monetary Fund said Wednesday.
It said 'deteriorated credit have been reduced only slightly
compared to their peak levels.
Many Italian banks are weighed down with NPLs and the one
most affected, Monte dei Paschi di Siena, is to undergo a
precautionary recapitalisation to save it from going under.
The IMF also said Italy had too many bank branches. There
were too many banks in the EU in general although Germany had
gone some way towards consolidation, it said.
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