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Spain's Zombie Developments

By Bloomberg Photos - 2013-03-26T10:56:24Z

Photograph by Markel Redondo/Panos

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Material Atrophy

In the second quarter of 2009, lenders had 324.7 billion euros of developer loans on their books, Bank of Spain data shows. Around 150 billion euros of that has been transferred to banks, according to Mikel Echavarren, chief executive officer Madrid-based consulting firm Irea, who says the rest, which has been adequately provisioned for, will pass into the banking system over the next two years as lenders refuse to refinance.

According to the latest available data from the regulator, banks had 280.2 billion euros of outstanding developer loans as of the end of September 2012.

Left, a pile of building material at the development site of El Patio de Dona Julia in Manilva, Casares.