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Spain banks may have to up property provisions

Source: Reuters - Fri 27th Nov 2009

The Bank of Spain is considering raising provisions made by the banks for property taken on to their books to 30 percent of asset value in 2010, from 20 percent due to be implemented for 2009, newspaper ABC said on Friday.

The Bank of Spain was not immediately available to comment.

Spain's property sector is in a steep downturn after a decade-long boom and analysts have expressed concern that the country's banks have been keeping the lid on their non-performing loan ratios by accepting property from struggling real estate developers who would otherwise go bankrupt.

In October, the Bank of Spain told the banks they would be required to double their property assets provisions to 20 percent from 10 percent.

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