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Spain banks bad loans hit new high in October

Source: Reuters - Tue 18th Dec 2012
Spain banks bad loans hit new high in October

Spanish banks' bad loans rose to 11.2% of their outstanding portfolios in October, reaching a fresh record high, Bank of Spain data showed on Tuesday.

Loans that fell into arrears increased by 7.4 billion from September, reaching 189.6 billion in October.

The rate was up from 10.7% in September.

Non-performing loans on the books of the country's crippled banks have risen steadily since a decade-long property boom ended four years ago, with the country now in its 2nd recession since 2009 and over 25% of Spaniards out of work.

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