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Spain bad bank loans hit record high in Aug.: data

MADRID -- Bad loans at Spanish banks, a major source of concern to financial markets, surged to a new record high in August, with one in 10 loans deemed at risk, official data showed Thursday.

The bad loans ratio rose to 10.51 percent of the total in August from a revised 10.1 percent in the previous month, the Bank of Spain said in a report.

Preliminary data released last month by the central bank had put the bad loan ratio in July at 9.86 percent.

Overall, 178.6 billion euros (US$234 billion) in loans were at risk of not being repaid in August.

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

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