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Bulgaria unpaid credit installments soar over financial crisis

Date: 27.03.2009

The Bulgarian National Bank (BNB) has estimated that up until the end of February 2009, the number of unpaid credit installments soared 116,8 % year on year.

According to the BNB, producers have the greatest share in that figure as they owe BGN 1,65 B. The average monthly rise was 23,44 % or BGN 314 M. Thus, end-February, the share of bad credits reached 3,41 % of the entire credit volume, increasing from1,99 % a year earlier.

Firms' bad credits are increasing the fastest. By the end of February they had swollen by 152 % to BGN 918 M. February alone saw a 33,1 % expansion of the bad debt volume, or BGN 228 M in unpaid installments.

Bad household loans are on the rise as well,surged by 84,26 percent or BGN 726 M in a year. Their February growth was13,2 % or BGN 86 M. The bad household mortgages also went up by 94,46 % to BGN 251 M year on year. The bad consumer debt grew, too, but less: by 75,55 percent to BGN 422 M.

The deterioration of banks' credit portfolios began in December, 2008. In November, the bad debt growth was only 0,44 %, followed by 9,64 % in December, 13,51% in January and 23,44 % last month, BGNES reported Thursday.

In total, the debt burden on Bulgarian businesses and the general population is BGN 46,56 B, which means it has grown by 27 % growth in a year, or 0,05 % growth on a monthly basis.

Household debt decreased by 0,15 % to BGN 18,03 B in February, but rose by 23,67 % year on year. The debt of companies went up 0,16 percent in February to BGN 30,53 B.

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