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Guindos: Not Evidence Of Widespread CRE Contagion

ECB

Q: Do you see any possibility that Federal Reserve decision could affect ECB moves? Do you see any vulnerabilities in the European commercial property market?


A: The ECB acts independently. We will do what we have to do when we need to do it. If the conditions are satisfised, we will make our decision.


A: We have seen a reduction in the volume of commercial real estate transactions. We have also seen a decline in prices. The exposure of the European banks is quite limited, although there are some individuals banks that have more exposure. This is something we monitor very closely. We have not seen any sort of widespread contagion.

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