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FRANKFURT (MNI)

Signs of increased bank credit risk as a result of the Covid-19 crisis are becoming more apparent, Frank Elderson of the European Central Bank's Executive Board said Wednesday, although distress indicators do not yet fully capture the scale of the pandemic's fallout.

Around 40% of banks examined since the latest credit risk assessment exercise began last year will need to overcome "significant gaps" in order to meet the ECB's supervisory expectation, Elderson said, with ineffective early warning systems a source of particular concern.

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