Logo Background RSS


Spain: Bank Defaults Hit 50-Year High Of 13%

  • Written by Syndicated Publisher No Comments Comments
    January 20, 2014

    Looking for evidence of a recovery in Spain? So am I, but I sure don’t see any.

    Via translation from La Vanguardia, please consider Bank Defaults Hit Record 13% in November.

     Delinquency ratio of banks, savings banks, cooperatives and credit institutions operating in Spain rose again in November to 13.08%, a level not seen since the data began to be collected, over 50 years.

    According to provisional data for November released today by the Bank of Spain, the Spanish financial system stand together a volume of overdue loans of 192.504 billion euros, compared to 190.971 billion in October, largely due to the economic crisis and high unemployment.

    Compared to November 2012 the total volume of loans in November declined by nearly 212 billion, due in large part to deleveraging holding families and Spanish companies.

    Although the Bank of Spain does not break default rates by type of institutions with the exception of the EFC, the rest (banks, savings banks and cooperatives) recorded a volume of bad loans of 187.039 billion euros, compared to 185.439 billion of previous month.



    Images: Flickr (licence attribution)

    About The Author

    Mike Shedlock / Mish is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction.  Visit Sitka Pacific’s Account Management Page to learn more about wealth management and capital preservation strategies of Sitka Pacific.

    You are currently viewing my global economics blog which typically has commentary every day of the week. I am also a contributing “professor” on Minyanville, a community site focused on economic and financial education.  Every Thursday I do a podcast on HoweStreet and on an ad hoc basis contribute to many other sites.

    When not writing about stocks or the economy I spend a great deal of time on photography and in the garden. I have over 80 magazine and book cover credits. Some of my Wisconsin and gardening images can be seen at MichaelShedlock.com.


Closed Comments are currently closed.