Bad loans at Italy banks at intolerable levels-ABI

Bad loans at Italy's banks are nearly at intolerable levels and write downs for them could reach 20 billion euros ($29.52 billion) for the full year, the head of the country's banking association ABI said on Thursday.

"The amount of bad loans is nearly at intolerable levels "Corrado Faissola said in parliament.

"In the first half, there were write downs for 9 billion euros, which if you extrapolate to the full year would be 18-20 billion euros" he added.