Spanish bad bank loans 'hit record'

BAD loans at Spanish banks, a major source of concern to global financial markets, have surged to a new record high in August, data released by the Bank of Spain shows.

The value of loans at risk of not being repaid climbed to 178.6 billion euros ($A227.62 billion) in August or 10.51 per cent of the total, up from 169.3 billion euros, or 9.42 per cent of the total, the previous month, Bank of Spain figures show.

Up sharply from a share of 8.96 per cent of total loans in May, it was the highest bad loan ratio recorded since the central bank began compiling the data in 1962.

Spanish banks have been weighed down with rising bad loans and repossessed real estate since the collapse of a property bubble in 2008, which has caused defaults by builders and mortgage holders to jump and the jobless rate to soar.

Eurozone authorities agreed in June to extend a rescue loan of up to 100 billion euros to aid ailing Spanish banks.

In August, Spain approved the creation of a "bad bank" to buy troubled property assets and bad loans from lenders in a bid to clean up the financial sector and restore investor confidence in the economy.

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