Late Payments at Spanish Banks, Cooperatives, Credit Institutions Hits 7%, Highest Since 1995

Courtesy of Google Translate and also my friend Bran who lives in Spain, please consider Financial System Late Payments Verge on 7%.

The delinquency rate of the Spanish financial system credit (banks, cooperatives and credit institutions) rose in July to 6.936% against 6.690% in June, according to data released today by the Bank of Spain.

The delinquency rate remains at its highest level in 16 years, since February 1995. When compared with July 2010, the data show a significant increase in bad debts, because in that month was in the 5.483%.

Of the total of 1.79 billion in loans, doubtful loans are 124.618 million, compared with 100.527 million from the same month last year.

That seems like a small total of loans so I am not precisely sure what they are measuring.

Bran writes "True figures would be much higher given the effort to keep bank assets 'performing'. However, the above late payment numbers gives a clear indication of the rate of change. Things are deteriorating rapidly."

Addendum:

From Bran - That is 1.79 trillion in loans of which 124 billion is delinquent.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
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