BANK OF SPAIN'S HEAD OF FINANCIAL STABILITY: TOTAL EXPOSURE OF SPANISH BANKS TO AREA AFFECTED BY FLOODS REACH 20 BLN EUROS
MADRID, Nov 5 (Reuters) -Spanish banks are likely to withstand the shock the floods in eastern Spain where the sector has a loan exposure worth about 20 billion euros ($21.80 billion) as climate risks were materializing faster than previously thought, a Bank of Spain official said on Tuesday.
At least 217 people died and many are still unaccounted for in the worst flooding in decades in Spain.
"This is a shock that, for a financial system, a banking system such as the one in Spain, is something that can be absorbed," Angel Estrada, the bank's head of financial stability, said.
($1 = 0.9175 euros)
Reporting by Jesús Aguado, editing by Inti Ladnauro
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