The default rate of Spain’s banks fell again in May, in the midst of the State of Emergency, to 4.73%, its lowest level for 11 years. That figure is 0.02 percentage points lower than the rate registered in April, when it stood at 4.75%.
With the fall recorded in May, the default rate has now recorded four consecutive months of decreases.
The main reason for the decrease was due to the fact that the volume of loans granted continued to increase thanks to measures introduced to support the economy, such as guarantees from the Official Credit Institute (ICO).
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