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Report: Irish banks to face regulatory pressure to write off bad loans

European regulators are set to become stricter in pushing some Irish lenders to write off their bad loans, Bloomberg News reported Aug. 10, citing "a person familiar with the matter."

European banks are saddled with hundreds of billions of euros of nonperforming loans, with Ireland being among the worst affected. Ireland's bad loans have decreased by some 65% since their 2013 peak, but still represent about 18% of total loans, according to ECB data cited by Reuters.

In March, the ECB published guidance outlining best practices on how banks should tackle their bad loans, saying that the expected enhanced disclosures on NPLs should be implemented beginning from the 2018 reference dates to ensure consistency and comparability.