Spanish and Irish property markets still stuck in slump mode | Business | The Guardian

Spanish and Irish property markets still stuck in slump mode | Business | The Guardian

Of all Spain's troubled banks, Bankia has the biggest exposure to failed property developments.

At the last count it had €37bn (£29bn) in loans to housebuilders, with a backlog of interest payments on almost three in 10. To make matters worse, the bank has €9.1bn of repossessed property sitting on its books.

Fears that Spain cannot cope without an EU bailout are fuelled by figures showing Bankia's toxic real estate assets, including loans in and about to fall into arrears to housebuilders and repossessed property, totalled €32bn at the end of 2011.