Spanish banking system to recover better than those of Portugal, Italy

The Spanish banking system will evolve better than the Italian and Portuguese banking systems according to a report published by the ratings agency Moody's on Wednesday.
Moody's said that Spanish banks will recover better in 2014 and 2015 as financing conditions get better and credit is restored within the Spanish banking system when compared with banking systems of Italy and Portugal.
Moody's also said that the situation of Irish banks, whose assets quality improved, will recover better this year as Ireland experiences economic growth.
Economic growth is lower in Italy and Portugal so the recovery will be slower.
According to the agency, banking systems of these countries start from different levels on issues such as credit, assets quality, efficiency, capital, liquidity and net profits.
In the case of Spain and Ireland, for example, the housing bubble caused a more severe deterioration in assets than in other countries.