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EU's Dombrovskis says European banking sector working well
October 6, 2016 / 2:51 PM / 9 months ago

EU's Dombrovskis says European banking sector working well

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European Commission Vice-President Valdis Dombrovskis addresses a news conference at the EU Commission headquarters in Brussels, Belgium, July 27, 2016.Francois Lenoir

WASHINGTON (Reuters) - The European banking sector is working well and developing in the right direction despite issues at individual institutions in Germany or Italy, European Commission Vice President Valdis Dombrovskis said on Thursday.

Speaking at an event at the Peterson Institute for International Economics in Washington, Dombrovskis said some "pockets of weakness" remained in the European banking system, mainly linked to non-performing loans, but that the system as a whole was sound.

Asked if the system was working and if EU banks were adhering to the rules of the EU's banking union, Dombrovskis said: "That is certainly our view and, overall, the banking sector seems to be heading in the right direction."

He refused to comment on individual banks, like Germany's Deutsche Bank AG (DBKGn.DE) or Italy's Monte Paschi (BMPS.MI).

Reporting by Jan Strupczewski; Editing by Paul Simao

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