Debt of Spanish banks to ECB falls by 33.8% in July

The total debt of Spanish banks to the European Central Bank (ECB) decreased by 33.8 percent in July compared to the same month of 2012, according to data released by the Bank of Spain on Wednesday. The Bank of Spain reported that Spanish banks' debt fell from 250.052 billion euros (331.242 billion U.S. dollars) in June to 248.293 billion euros in July, the 11th consecutive month of decline. The figure was also the lowest level of debt since March 2012, it said. Meanwhile, the debt to the ECB represented 34.5 percent of the total Eurozone debt in July. Despite the fall, Spain's banks debt to the ECB is still disproportionally high as Spanish financial entities represent around 10 percent of the total European financial system. Debt of Spanish banks to the ECB has been steadily decreasing since August 2012, when it peaked at 388.736 billion euros just after Spain asked the European Union (EU) for a bailout for its banks.