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PORTUGAL | Loan default rate hits highest level since 1998

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image Jobseekers queue to enter an employment center in Sintra, Portugal

Loan defaults by Portuguese families last May reached the highest level since 1998, according to the Bank of Portugal’s Statistical Bulletin published Tuesday in Lisbon.
The bulletin said that nonperforming loans to families totaled 5.262 billion euros compared to 5.179 billion euros in the same month of 2013 and 5.223 million euros in April of this year.
Housing loans were the biggest factor as nonperforming loans in this category in May rose to 2.455 billion euros, which was more than the 2.448 billion euros seen in the previous month and 2.322 billion euros in May 2013.
Nonperforming loans to companies rose in May to 12.611 billion euros in the fifth month of the year after reaching 12.497 billion euros the previous month.
The construction sector accounted for 4.348 billion of the total, although there was a drop in nonperforming loans in this sector as in April the total was 4.377 billion euros.
Nonperforming loans provided for real estate transactions rose from 2.495 billion euros in April to 2.533 billion euros in May.  MDT/Macauhub

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