Banks in the 16-nation eurozone face $283bn of further losses this year and next as the recession forces them to write off bad loans, the European Central Bank warned yesterday.
The warning, which helped push the euro down against the dollar, came just hours before Moody's, the credit rating agency, downgraded 30 Spanish banks and cajas, the unlisted regional savings institutions, citing the worsening quality of their loans and the struggling Spanish economy.
The fates of the eurozone economy and its banks have become increasingly interlinked, the ECB said yesterday in its latest financial stability review report, with bank losses increasingly being caused by bad loans, rather than losses on securities.
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