The Spanish banking sector underwent significant consolidation in the last five years and
made material progress in reducing and provisioning its problem assets.2 For consolidated
operations, the nonperforming loan (NPL) ratio for Spanish banks was 5.6 percent as of end-2016,
close to the European Union (EU) average. For banking business in Spain, the NPL ratio declined
from its 2013 peak of 13.8 to about 9.2 percent at end-2016. The provisioning ratio of about 45
percent of total NPLs (95 percent if collaterals are factored in) is within EU average levels.
Importantly, total problem assets are still about 70 percent of their peak in 2013, and banks hold
sizable performing restructured loans.
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