May 23, 2017 / 2:35 PM / in 2 years

Irish lenders need to speed reduction in non-performing loans - central bank

Governor of the Central Bank of Ireland Philip R. Lane speaks at open the new Central Bank of Ireland offices in Dublin, Ireland April 24, 2017. REUTERS/Clodagh Kilcoyne

DUBLIN (Reuters) - The pace at which Irish lenders are reducing non-performing loans is too slow and new strategies are needed to lower the stock from a still elevated 17.5 percent of all loan books, the governor of Ireland’s central bank said on Tuesday.

“While the economic recovery is well established, Ireland is still deeply affected by the legacy of the crisis. High outstanding debt levels and the substantial stock of non-performing loans (NPLs) pose ongoing financial stability risks,” Philip Lane said in a speech

“There has been significant progress. However ... the current pace of NPL reduction is too slow: continued efforts, strategy refreshes, dedication and innovation are needed to speed up the process.” 

Reporting by Padraic Halpin; Editing by David Goodman

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