Spanish banks' bad loan ratio hits record $256B
A man speaks on a cell phone in the business district of Madrid, Thursday Jan. 17, 2013. (AP Photo/Paul White)
Published Friday, January 18, 2013 7:46AM EST
MADRID, Spain -- Spain's central bank says the level of bad debt in the country's banks rose to a new record 11.38 per cent in November, up from 11.23 per cent in October.
In data released Friday, the bank said non-performing loans totalled (euro)191.63 billion ($256.17 billion) in November, up by (euro)2.01 billion from the previous month.
It was the 17th monthly increase in a row.
With 25 per cent unemployment, Spain is battling to emerge from its second recession in just over three years.
Many banks were badly hit by the country's property market collapse in 2008. Spain last month received (euro)40 billion from a (euro)100 billion credit line earmarked for its troubled banks by the other 16 European Union countries that use the euro.