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Standard & Poor’s says in its banking industry report released today that the prospects for the European banking sector remain grim.
“If the rate of provision for credit losses in second half 2008 simply were to continue throughout 2009, the total for the 50 largest European banks would increase a further EUR 50 billion," said Standard & Poor's Credit Analyst Scott Bugie adding: "We expect provisions to rise faster still in 2009. In many European countries, the rates of domestic loan losses in 2009 will be double that for 2008."
