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14/10/2009Rating agency says Spanish banks hiding losses

Moody’s says deterioration of the Spanish banking industry's asset quality has yet to reach its peak and that more banks will report losses in the coming quarters.

Madrid – Spanish banks are hiding the true extent of their losses and the crisis in Spain's financial sector has still not reached its peak, international credit ratings agency Moody's warned on Tuesday.

"Moody's remains concerned that many entities appear to be avoiding recognition of the true scale of the asset quality deterioration in their books," the agency said in a report on Spain's banking sector.

"The deterioration of the Spanish banking industry's asset quality has not reached its peak and Moody's anticipates that a significant number of rated banks will report losses in the coming quarters," it added.

The report also said however that measures taken by the Spanish government would help prevent bank failures and that money provided by the authorities for the banking sector would ensure sufficient capital for the banks.

AFP / Expatica


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