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Loan Growth Suffers at Spanish Banks
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Consumers are taking on new loans for cars and purchases such as refrigerators, but at the same time businesses and consumers are paying off debt at a faster rate. The sharp decline in the Euribor rate in 2015 is good news for Spanish consumers and business as most loans are tied to the Euribor rate. Yet memories of the severe downturn in the Spanish economy are leading to consumers reducing debt with reluctance to take on new loans. The result is that even though Spain's economy is expected to show 3% growth in GDP in 2015, the loan levels at Spanish banks are expected to remain flat in 2015 over 2014. The IMF says GDP will not reach precrisis levels till 2017, reflecting how deep this downturn has been in Spain. IMF forecasts show that debt held by Spain's businesses and households will be double economic output till about 2020.
Slow loan growth at Spanish banks in 2015 with GDP growth of 3% in 2015 as businesses and households pay off debt
11/13/2015
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Loan Growth Suffers at Spanish Banks
Wall Street Journal 11/13/2015
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About 60% of the economy and 80% of the jobs in Spain are with small and medium sized business. The consolidation of banks is leading to loss of local contact. The need to build capital reserves to cover bad loan losses means banks are calling in loans to these businesses. This is happening in smaller towns and cities across Spain, and will worsen the already high 25% unemplyment rate. The credit squeeze is hurting the recovery.
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For Some in Europe, High Lending Rates Hamper Recovery
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Spanish Loan Data Suggests Modest Recovery
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The impact of higher interest rates of about 6% on small and medium sized businesses in Italy and Spain in 2012-2014
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Banks in Italy are paying much higher interest rates to borrow than French or German banks leading to higher rates for small and medium sized businesses in Italy. In Italy these businesses employ about 80% of workers, in Spain which faces a similar situation the figure is about 67%. The credit squeeze is hurting the recovery.
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Europe’s credit crunch: Mend the money machine
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Italy Central Banker Is Open to 'Bad Bank'
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For Some in Europe, High Lending Rates Hamper Recovery
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In Spain, Banks Find Dry Lending Landscape
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Weak pickup in lending for Spain's banks in 2013-2014
12/04/2014
Grouped Articles
In Spain, Banks Find Dry Lending Landscape
Wall Street Journal 12/04/2014
Loan Growth Suffers at Spanish Banks
Wall Street Journal 11/13/2015
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Spanish Job Market May Be Turning Around
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Loan Growth Suffers at Spanish Banks
Wall Street Journal 11/13/2015
The Euribor 12 month rate at 0.187% in April 2015, and the impact on housing and homeowner mortgages in Spain, Portugal, Italy and other eurozone countries
04/14/2015
In Spain most mortgage interest rates are tied to the 12 month Euribor, set at about 0.3% above the 12 month Euribor rate, which was 0.187% in April 2015. In Portugal most morgage interest rates are set using the average of the 3 and 6 month Euribor rate, which are close to zero. The result is significant reduction in mortgage payments by a third to half of the original mortgage payment. This is providing significant relief to homeowners with mortgages in Spain, Portugal and Italy. Spain and Portugal suffer from a severe housing crisis and high unemployment. This result of the ECB monetary policy, aids the economic recovery in Europe.
Grouped Articles
Tumbling Interest Rates in Europe Leaves Some Banks Owing Money on Loans to Borrowers
Wall Street Journal 04/14/2015
E.C.B. Sees Early Progress From Its Bond-Buying Program
New York Times 04/15/2015
ECB’s Mario Draghi Signals Boost to Stimulus Program
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Wall Street Journal 10/23/2015
Loan Growth Suffers at Spanish Banks
Wall Street Journal 11/13/2015
Economic Unease Puts Top Central Bankers Under Renewed Pressure
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