Central Bank adopts tough stance toward shipping banks

According to news agency Reuters, the European Central Bank is taking a tough stance toward the major shipping-exposed banks, not least in Germany.

BY OLE ANDERSEN

The European Central Bank (ECB) plans to take a tough stance toward the banks in the Eurozone with major loans to shipping, several sources tell news agency Reuters, and the valuation of ships is crucial for several of the major German shipping banks, which have allegedly placed far too high values on their ships compared to actual market values.

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