MADRID (AP) — Spain’s central bank says the level of baddebt in the country’s banks dropped to
10.4 percent in December 2012from 11.38 percent a month earlier due to the transfer of toxic assetsto
the country’s new bad bank.The bank released data Mondayshowing non-performing loans totaled €167.48
billion ($223.17 billion)in December, down from €191.63 billion the previous month — the firstreduction
in 17 months.Spanish lenders, hit by the country’sproperty market collapse in 2008, have begun
transferring their toxicloans to the bad bank, called SAREB. The body was set up as a conditionof Spain
receiving €40 billion in European Union assistance for itsfinancial sector.With 26 percent unemployment,
Spain is struggling to emerge from its second recession in just over three years.Copyright 2013 The
Associated Press.MADRID (AP) — Spain’s central bank says the level of baddebt in the country’s banks
dropped to 10.4 percent in December 2012from 11.38 percent a month earlier due to the transfer of toxic
assetsto the country’s new bad bank.The bank released data Mondayshowing non-performing loans totaled
€167.48 billion ($223.17 billion)in December, down from €191.63 billion the previous month — the
firstreduction in 17 months.Spanish lenders, hit by the country’sproperty market collapse in 2008, have
begun transferring their toxicloans to the bad bank, called SAREB. The body was set up as a conditionof
Spain receiving €40 billion in European Union assistance for itsfinancial sector.With 26 percent
unemployment, Spain is struggling to emerge from its second recession in just over three years.Copyright
2013 The Associated Press.