Spanish bank bad debts at record

Written By Unknown on 18 September 2012 | 17.25


The value of bad debts held by Spain's banks in July rose to 169.3bn euros ($221bn; £136bn), according to latest figures from the central bank.

The Bank of Spain said 9.9% of banks' total loans were in arrears, up from 9.4% a month before.
It was the highest bad loan ratio since the central bank began compiling the data in 1962.

Despite the news, Spain raised 4.6bn euros in 12- and 18-month loans on the bond markets on Tuesday.
That helped 10-year Spanish yields ease back from Monday's highs of more than 6%, dipping to 5.97% on Tuesday.

Spanish banks' bad debts have risen steadily since the property bubble burst four years ago and the country fell into recession.

Almost a quarter of Spaniards are now out of work, and many analysts believe Spain is inching closer towards seeking a full financial bailout.

The results of a final stress test on Spain's banks are due to be published on 28 September, and will provide a basis for calculations as to which banks should receive European Union funds and how much they should get.

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