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Reuters: GE Capital Expects Troubles in Europe to be “Manageable”

June 01, 2012, 06:30 AM
Filed Under: Industry News

Reuters reported GE Capital expects Europe's financial troubles to take a toll on its profitability but regards the risk as "manageable," the unit's head, Michael Neal, told an investor conference on Thursday.

The report quotes Neal saying, "If trends continue - and there is no reason to think they won't - in Europe, we will come under some pressure. We think it's manageable,"

Neal also noted that 85% of the GE Capital’s loans in Europe are secured by property, such as trucks, machine tools or aircraft, which can be resold in case the borrower defaults on the loan. "We repossess," Neal said. "It's not like we're writing off a bond."

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