October 23, 2013 / 12:47 PM / 4 years ago

Western bank retreat from C.Europe continuing -Vienna 2 group

LONDON, Oct 23 (Reuters) - A retreat by western European banks from central and southeastern Europe is continuing at a moderate pace and non-performing loans remain a serious concern, a taskforce of multilateral financial organisations said.

“The reduction of cross-border funding by Western banks for central and southeastern Europe is continuing at a moderate pace,” the Vienna 2 initiative said in a statement on Wednesday following a meeting in Brussels this week.

There was “an urgent need to tackle persistently high non-performing loans in several countries in the region,” it said.

The Vienna 2 initiative, spearheaded by the European Bank for Reconstruction and Development, the International Monetary Fund and the World Bank, aims to help prevent disorderly deleveraging by western banks from central Europe. (Reporting by Carolyn Cohn; Editing by John Stonestreet)

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