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Just 2 Spanish Banks increase lending during Q1 of 2012
A report in today's Cinco Dias has shown how Bankinter and Banco Sabadell alone have increased lending during the first quarter of 2012.
Billions of Euros are being pumped into the country's ailing banking sector, but where is it all going ?
A record 8.15% average loan default in February has made banks nervous about extending further loans and to err on the side of caution.
Compared to the end of Q1 in 2011, credit granted by the main banks fell by 3.5%, with Santander alone seeing a reduction in lending of 8.1% over the same period.
In late March last year the value of all outstanding oans issued by Santander stood at €210,430 million euros compared to €193 675 by the end of Q1 2012.
Banesto saw a reduction of 5% in loans, down from €63,962,000 to €60,861,000 over the same period.
CaixaBank also saw a fall in the amount being loaned, with sums falling 2.6% from €188,700 million to €183,886 this year.
However, Bankinter have increased their lending by 2% - a physical increase of €1'000 million in loans.
For their part Sabadell loans increased by 1.4% to reach €71,086,000 million.
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