China Banks Say They Won't Blame Staff If Developer Loans Go Bad [BNN Bloomberg (Canada)]
INDUSTRIAL & COM UNSP/ADR (IDCBY)
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Source: BNN Bloomberg
a bid to heed the government's call to prop up the embattled real estate market. State lenders including Industrial and Commercial Bank of China Ltd. are telling the officers they won't be held responsible if property loans eventually turn non-performing, people familiar with the matter said. The directives — aimed at addressing one of the biggest hurdles to funding cash-strapped developers — underscore the tricky balancing act faced by banks as they try to follow Beijing's calls for support while protecting their own balance sheets. It's unclear whether the assurances will lead to a jump in lending, given staff are also being reminded to conduct due diligence and ensure loans are used as intended, the people said. Previously, loan officers could face a pay cut or be denied promotion for issuing a loan that turns sour. Smaller lenders are also staking out similar strategies. One city commercial bank has set up a special task force to work on rules that exempt officers from sou
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