Market Commentary and Intraday News

Spanish Banks' Bad Loans At 18-Year High

340 days ago

(RTTNews) - Spanish banks' bad loans increased to an 18-year high in April, Bank of Spain said Monday.

Around 8.72 percent of the loans held by banks were unpaid for more than three months, up from 8.37 percent in March. The ratio was the biggest since April 1994.

Doubtful debt rose by EUR 4.77 billion to EUR 152.74 billion in April.

The property market crash as well as Spain's record high unemployment rate in the euro area raised banks' bad loans.

The European Central Bank's net lending to Spanish banks surged to an all-time high of EUR 287.8 billion in May from EUR 263.5 billion in April.

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