The debt of Spanish banks with the ECB falls 2.3% in November

El presidente del BCE, Mario Draghi. / Efe

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• now it accounts for 38.6% of the Eurosystem, but it moves away from its highest level of the year, recorded in January

  The debt of Spanish banks with the European Central Bank (ECB) has decreased by 2.3% in November from the previous month and has thus resumed the bearish streak, to 135,670 million euros. However, this figure already accounts for 38.6% of the Eurosystem, compared with 37% a month ago, according to provisional data released Monday by the Bank of Spain. Thus, it moves away from its highest level of the year, recorded in January (141,490 million), while the drop in annual rate has risen to 10.1%, as reduced by 15.324 million euros since November 2014.

  This amount is the outstanding balance that resident in Spain still have pending return to the European Central Bank as a result of funding the agency has previously granted. However, the portion representing the net financing of Spanish banks to total Eurosystem has increased from 37% in October to 38.6% in November. This percentage is far from the 80% which exceeded before the bank bailout.

  This increase in the percentage representing the Spanish debt on total Eurosystem is explained by the reduction of the debt of entities operating in the eurozone, which decreased 6.1% from the previous month, to 350,967 millions of euros.

  The debt of Spanish banks increased by almost 80,000 million euros in March 2012 and exceeded 200,000 million. Now it stands 32% below this barrier and far below the maximum of 388,736,000 registered just three years ago.

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