ECB to unveil guidelines for banks to work down bad debt: Nouy

September 7, 2016 7:46 AM EDT

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FRANKFURT (Reuters) - The European Central Bank will soon unveil proposed guidelines for banks to work down their pile of bad debt but expects the process for reducing non-performing loans to be lengthy, ECB bank supervisor Daniele Nouy said on Wednesday.

"ECB Banking Supervision will shortly launch a consultation on guidance for banks on dealing with their non-performing loans," Nouy told a conference in Bratislava on Wednesday. "The guidance provides recommendations to banks and sets out a number of best practices we have identified."

"The guidance constitutes the ECB’s supervisory expectations and serves as a basis for supervisors to evaluate how banks handle NPLs," she added.

(Reporting by Balazs Koranyi)

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