Courtesy of Mish.
Via Google translate El Blog Salmon reports Delinquencies expose the shame of Spanish banks
How could it be otherwise, the delinquency has grown back no more and no less than 11.23% during the month of October. The figure represents a new record, exposing the shame of Spanish banks.
The figures from the Bank of Spain dating 189,618,000 euros in loans considered doubtful of Spanish credit institutions. Obviously, the construction sector is the hardest hit of all the arrears of the companies related to fire brick defaults in its sector to 26.4%.
The worst part is that nothing suggests that delinquencies have peaked, rather the opposite. In the coming months the arrears continue to set new records because it is now that the financial sector of our country is teaching the true reality of credit in Spain. Refinancing only served to prolong the agony and convey a false sense of calm in the sector. The brick has done too much damage to our country and now we are suffering the effects of the bursting of a housing bubble along with the historical financial deleveraging of Spanish banks.
Also via Google translate from Spanish, the Guru's Blog provides interesting charts and commentary in Banking delinquency rises to 11.23% in October. New record
We began to enter the area of ??record breaking month after month. In October defaults on loans to financial institutions and businesses in October amounted to 11.23% , which marks a new record.
Thus, the default rate of the Spanish financial system accumulates sixteen consecutive monthly increases since the last run monthly reference dates back to June 2011, when delinquencies fell to 6.41%, from 6.48% May 2011.
Graph via ZeroHedge
Delinquency Figures
Non-performing loans amounted to 189.618 million euros in October on a total loan portfolio of 1,688 billion euros, which fell by just over 1,000 million compared with the previous month.
Specifically, the overall financial system credit has plummeted by 5% in the last twelve months, which translates to 90.009 million euros less, while the doubters have climbed in the same period by 43.7%, with a jump of 57.651 million.
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