European Union governments reached a deal on Wednesday on new rules to facilitat...
FILE PHOTO: European Union flags fly outside the European Commission headquarters in Brussels, Belgium March 19, 2019 REUTERS/Yves Herman/File Photo
The new rules, which need to be backed by the European Parliament, would introduce a mechanism to favor out-of-court procedures on foreclosures, speeding up banks’ recovery of collateral used by borrowers to obtain loans when they fall behind on their repayment schedule. The mechanism, envisaged only for business loans and not consumer loans, is expected to reduce the losses banks incur when lenders offload non-performing loans. It would, however, increase the burden on borrowers.
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