There has been an increase in the value of non-performing loans (NPLs) in the banking system since Q3 2011, as the economy has slowed. At face value, this problem does not yet appear too serious, given that NPLs are less than 1% of outstanding loans, according to official data. However, the real figure is probably much higher. What’s more, the situation facing the banks is likely to get worse before it gets better.
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