Debt of Spanish banks to ECB falls by 25.8% in June

MADRID, July 12 (Xinhua) -- The total debt of Spanish banks to the European Central Bank (ECB) fell by 25.8 percent from June 2012 to the same month of 2013 according to latest data published on Friday by the Bank of Spain.

The Bank of Spain reported Spanish banks owed a total of 250.052 billion euros (326.409 billion U.S. dollars) to the ECB in June, 1.93 percent down on May's figure and a fall of 87.154 billion euros since June 2012.

June marks the tenth consecutive month of improvement and the lowest level of debt in the last 15 months when the debt had reached 227.6 billion euros.

After March 2012 the debt of Spain's banks had surpassed 200 billion euros and peaked at 388.736 last August after Spain asked the European Union (EU) for a bailout for its banks in June, since which point the debt has steadily declined.

The debt to the ECB represented 34.2 percent of the total Eurozone debt in June, which amounted to a total of 730.513 billion euros, 2 percent down since May.

Despite the slow decrease of the debt, it is still disproportionally high when compared to Spain's Gross Domestic Product (GDP) contribution to the Eurozone, which is around 13 percent.

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