More banking pain in Spain
Thursday 19 April 2012
Spanish banks' bad loans rose to their highest level since October 1994 in February, as the sector fights sliding house prices and a looming recession. Non-performing loans increased by €3.8bn (£3.1bn) to €144bn in February from the previous month, accounting for 8.2 per cent of banks' credit portfolios, up from 7.9 per cent in January.
Banks face a new wave of loan defaults as the economic crisis deepens. Spain's unemployment rate is the highest in Europe, while house prices fell 7.2 per cent in the first quarter from a year ago.
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