Spain: delayed loan payments reach 9% in May

The late payment of loans by banks, cooperative banks, financial institutions and cooperatives of credit rose in May to 8.95 percent, the highest level since February 2004, when it touched 9.15 percent, according to data provided today by the Bank of Spain. The due payments - which represented a slight increase over April when they totalled 8.72 percent and a more significant 2.5 point increase compared to May last year - exceeded 155 billion euros. A record level in spite of the fact that loans by banks and credit institutes in May were worth a total of 1.74 billion euros, 0.57 percent less than the previous month and 3.3 percent less than in May 2011. Financial analysts and bankers agree that credit delinquencies will exceed 9 percent in the next few months. From: ANSAMED