Huky Guru posted a couple of interesting charts on his blog today about shrinking credit but rising percentage of nonperforming Spanish bank loans: NPLs of banks rebounded to 16.59%. Seven points higher than in the 1994 crisis.
Spanish Bank Shrinking Credit
Nonperforming Loans
The “real” numbers are normalized to account for a change in methodology. Today’s number is just off the all-Time high of 16.73 percent in January of 2014. The “official” high was 13.62% in December of 2013.
Both sets of numbers are “far above the crisis in 1994, when nonperforming loans peaked at 9.15%.”
The above charts provide further evidence the recovery in Spain is imaginary.
Mike “Mish” Shedlock
