Spanish banks' bad loan ratio at record 11.38 pct
- Associated Press
- January 18, 2013 - 4:47 AM
MADRID - Spain's central bank says the level of bad debt in the country's banks rose to a new record 11.38 percent in November, up from 11.23 percent in October.
In data released Friday, the bank said non-performing loans totaled (EURO)191.63 billion ($256.17 billion) in November, up by (EURO)2.01 billion from the previous month.
It was the 17th monthly increase in a row.
With 25 percent unemployment, Spain is battling to emerge from its second recession in just over three years.
Many banks were badly hit by the country's property market collapse in 2008. Spain last month received (EURO)40 billion from a (EURO)100 billion credit line earmarked for its troubled banks by the other 16 European Union countries that use the euro.
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