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Regulators may be granting forbearance from recognizing loan impairments to keep credit flowing, but European banks’ large first-quarter loan loss reserves still exceeded analysts’ expectations.
HSBC took a $3 billion charge for the quarter and could reserve from $7 billion to $11 billion for loan losses for the whole of 2020. Barclays took a £2.1 billion impairment saying that low credit losses so far simply do not reflect the impact of the coronavirus Covid-19 pandemic.
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