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Business, home loan defaults zoom over 30% M/M

Overdue housing loans have ballooned by 37.5% on the month in June 2009, outpacing all other segments, according to the latest figures of the Bulgarian National Bank (BNB). Bad and restructured corporate loans spiralled by a second-fastest 30.5% and the consumer segment recorded an 18.7% increase. Home loans saw the most defaults also in all of the past six months but for February, when they ceded the top position to business loans with a 33% rise month-on-month. Bad and restructured loans added up to BGN 1.258 billion in the business segment, BGN 549.7 million in the consumer segment and BGN 386 million in the housing segment. Defaults in other types of loans totalled BGN 98.2 million. Bad and restructured loans accounted for 4.6% of the total portfolio of the Bulgarian banking system but the rising share comes against the backdrop of slowing lending activity. Thus, bad and restructured loans made up 2.2% of all in June 2008 but the 59.7% growth seen back then has now decelerated to 1...