EBA reports as many as 20% of loans being impaired in Ireland

Most US economic commentators will tell you one of the main reasons the US is recovering better than Europe is because the US cleaned up the balance sheets of the US banks.

Figures released by the European Banking Authority — the EBA —support this view and show almost 6% of all European banks loan books are impaired — which is double the rate in the US.

It’s a lot worse here.