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Only 0.91% of loans in Luxembourg were classified as impaired.

The next lowest ratios were recorded in Germany (1.18%), Finland (1.5%), Estonia (1.77%) and the Netherlands (1.84%). The figure was higher in France (2.6%) and Ireland (3.77%).

Across the 19 country eurozone, the rate of bad loans was 3.41%.

The highest ratios were reported for banks in Italy (7.33%), Portugal (9.86%), Cyprus (18.15%) and Greece (37.4%).

The European Central Bank released its “Supervisory Banking Statistics, Third quarter 2019” report on 15 January.