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Slovenian Financial Industry Woes Worsen on Rising Bad Loans

Slovenia’s financial industry woes worsened in October as bad loans held by euro-region banks continued to climb, the government economic institute said.

Bad loans at banks rose to 6.7 billion euros ($8.8 billion), or to 13.6 percent of all loans at the end of September, the institute said. Lenders continue to set aside reserves to cover non-performing loans with the amount in the first 10 months of 2012 increasing by a fifth from a year earlier, it said.

Slovenian banks like Nova Ljubljanska Banka d.d. and Nova Kreditna Banka Maribor d.d. are seeing their bad loans surge as the export-driven economy slides into its second recession in three years. The three biggest banks in the Adriatic nation need fresh funding to bolster their capital.

“Companies and non-financial institutions continued to repay loans at domestic banks while credit given to households remains at a very low level.” the Ljubljana-based institute said in an e-mailed statement today.

NLB, which is set to report a loss for a fourth consecutive year, according to Chief Executive Officer Janko Medja, wants to raise 375 million euros by year’s end while Abanka Vipa d.d. is seeking 90 million euros in a share sale.

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