The pace at which Irish banks are reducing non-performing loans is too slow, Central Bank Governor Philip Lane has said.
Professor Lane said that new strategies are needed to lower the stock from a still elevated 17.5% of all loan books.
"While the economic recovery is well established, Ireland is still deeply affected by the legacy of the crisis. High outstanding debt levels and the substantial stock of non-performing loans (NPLs) pose ongoing financial stability risks," Philip Lane said.
He made his comments in a speech to the Banking and Payments Federation of Ireland.
"There has been significant progress. However, the current pace of NPL reduction is too slow: continued efforts, strategy refreshes, dedication and innovation are needed to speed up the process," he added.
