Tags: Moodys | Spanish | Banks | Healthier

Moody's: Spanish Banks Healthier Than Markets Think

Tuesday, 22 Jun 2010 07:07 AM


Spain's banks are healthier than financial markets believe because they have already made provisions for three quarters of the bad debt on their books, Moody's Investors Service said on Tuesday.

"As long as the ECB provides the funding to keep the cost down ... the Spanish banking system is not as bad as the current market seems to believe," Johannes Wassenberg, managing director of Moody's financial institutions group told reporters.

Moody's estimated Spanish banks have 108 billion euros ($133 billion) in bad debt of which 75 percent have been provided for by the banks.

© 2015 Thomson/Reuters. All rights reserved.

Around the Web

Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
Zip Code:
Privacy: We never share your email.

You May Also Like
Around the Web
Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

© Newsmax Media, Inc.
All Rights Reserved