Reuters: US Dollar Report: Bank of Italy's Visco says action needed on bank bad loans

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Bank of Italy's Visco says action needed on bank bad loans Oct 23rd 2013, 11:16 ROME | Wed Oct 23, 2013 7:16am EDT ROME Oct 23 (Reuters) - Italian banks must take action to balance the impact of bad loans on their balance sheets, Bank of Italy Governor Ignazio Visco said on Wednesday following the European Central Bank's outline of its upcoming review of risk in the banking sector. He said he did not expect the Italian banking sector to encounter any serious difficulties as a result of the review despite the high overall level of bad loans and said the assessment would probably be in line with what Italian authorities would expect themselves. "Against these bad loans, there are reserves and above all, actions which the banks must take to make the system more balanced and capable of responding," he told reporters.

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