Banks´ Nightmare: Loan Default Reached 38% in 2013

Credits granted to developer and construction companies keep Spanish banks awake at night. Delinqency rates show 38% and 34% respectively, in spite of the toxic asset transfer to Sareb.

At the end of 2013, unpaid credits of developer and construction firms amassed €67.190 million and €20.617 million respectively. The positive point is that thanks to a financial reform a great deal of them became provisioned.

Since the famous asset transfer, (…) the developer debt have decreased by almost €50.000 million during one year only to €176.822 million. If it comes to construction credit, it fell by €16.000 millon down to €60.154 million.

Original article: Expansión (M. Romani)
Translation: AURA REE

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Translation/Summary: aura