Tax advice on Spanish family debt is below the levels of a year ago
Last May, the bank debt of Spanish families and entities grew slightly, with 8,316 million euros compared to the previous month. As a result, the debt has reached its highest level since August last year, in the midst of the health crisis.
From a percentage point of view, the following differentiations in the area of debt must be taken into account:
- Household debt: 1.1% below the levels of a year ago, with 7.757 billion euros less in one year.
- Corporate Debt: increased 5.1% year-on-year in June due to liquidity measures against COVID-19, totalling 46,102 million euros.
In terms of family loans, June saw an increase in this area following an increase in consumer loans ('9,315m) and a decrease in mortgage loans. More specifically:
- 512,757m, the lowest level since April 2006, with a monthly decline of 0.2% and a year-on-year decrease of 2%.
- The amount families spend on their homes continues to take up most of their debt, accounting for 72.67% of the total.
- Household consumer loans increased 5% per month in June to 192,816 million euros. Over the last year they have grown by almost 1.4%.
In addition, June saw a rise in business finance with a 0.4% increase per month. There are various reasons for this increase, which reached 945,183 million euros. In first place is the increase in loans from credit institutions as a result of liquidity measures to alleviate the crisis:
- At a year-on-year level, they are up 5.1% and have reached their highest level since 2015.
- 514,471m, its highest level since July 2017.
- 514,471 million, its highest level since July 2017.
On the other hand, there has been an increase in lending from abroad:
- 464m to 308,364m.
- 308,364m. Year-on-year they rose 1.9%.
Finally, there was an increase in debt securities:
- They grew by 2.7% per month, to 122,348 million, their historical maximum.
- Year-on-year they rose by 7.7%.
B Law & Tax
International Tax & Legal Advisors.