| In April, the Bank of Spain ordered lenders to review their portfolios of refinanced loans, including mortgages, to make sure theyĆ ??re classified in a uniform way. Lenders had 208 billion euros of loans on their books that theyĆ ??d restructured or refinanced as of the end of 2012, according to the regulator. The review led the regulator to the preliminary conclusion that classifying all refinanced loans correctly would cause a 21 billion-euro increase in defaults. Lenders would need to generate a further 5 billion euros of provisions to cover the losses. |
Read the rest of the story HERE:
At www.bloomberg.com
At www.bloomberg.com
