Spanish
banks' bad loans hit the highest level for 50 years in October, data
showed on Wednesday, despite the sector getting good marks from
creditors as it exits its bailout programme.
The level of bad loans — ones judged highly unlikely to be repaid — rose to 13 percent of all outstanding credit from 12.68 percent in August, figures from the Bank of Spain showed.
It was the highest rate since current records began in 1962.
The value of the risky loans, mostly linked to the collapsed property sector, climbed by €3 billion euros from the previous month to €190.97 billion ($263 billion) in September.
Last year, the eurozone offered a loan of up to €100 billion to shore up the balance sheets of Spain's banks, swamped in bad loans since a property bubble imploded in 2008 plunging the country into a recession.
Source and full story: The Local (Spain), 18 December 2013
The level of bad loans — ones judged highly unlikely to be repaid — rose to 13 percent of all outstanding credit from 12.68 percent in August, figures from the Bank of Spain showed.
It was the highest rate since current records began in 1962.
The value of the risky loans, mostly linked to the collapsed property sector, climbed by €3 billion euros from the previous month to €190.97 billion ($263 billion) in September.
Last year, the eurozone offered a loan of up to €100 billion to shore up the balance sheets of Spain's banks, swamped in bad loans since a property bubble imploded in 2008 plunging the country into a recession.
Source and full story: The Local (Spain), 18 December 2013
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