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Sat, 17 Aug, 2013 12:10:15 AM
FTimes News Desk, August 17
 
The Euro logo is pictured outside European Central Bank . Photo - AFP / Lehtikuva
The European Union is planning to the banks to harmonize the definition of bad credit loans making it harder for banks to conceal the state of their businesses behind local conventions, news agency STT reported quoting Reuters.
 
Reuters quoting a senior EU regulatory source reported the European Central Bank hopes to begin work on an asset quality review of major banks in the seventeen euro zone countries later this year.
 
The aim is to find out whether the banks have enough money to cope with potential credit losses.
 
Euro area banks stress tests have been criticized for the lack of consistency. Stress tests have been done according to national rules.
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