Spain's bad loan ratio reaches 8.47 pct in July

Source: Xinhua| 2017-09-26 23:16:40|Editor: yan
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MADRID, Sept. 26 (Xinhua) -- Spain's non-performing loan rate stood at 8.47 percent in July as opposed to the 8.43 percent of a month earlier, the Bank of Spain reported on Tuesday.

According to this data, banks, saving banks, cooperatives and credit finance entities had 106.34 billion euros (125.33 billion US dollars) of bad debt loans up to July, which was above the 106.196 billion euros they had until June. Spain's total credit portfolio stood at 1.25 trillion euros.

Spain's bad loan ratio had peaked in December 2013, when it had reached 13.61 percent with a total of 197.04 billion euros of bad debt as a result of the country's financial crisis, real estate sector debt and high unemployment.

Transfers of toxic assets to the Spanish "bad bank" (SAREB) helped to reduce the country's amount of bad debt in the Spanish banking system in 2012, but the country still struggles with the consequences of the financial and real estate sector crisis. (1 euro = 1.18 U.S. dollars)