Bank of Spain
In fact, the Bank of Spain has warned each year about the high indebtedness of Spanish households, which according to the institution was unsustainable. The private debt stood at 832.289 billion euros at the end of 2006, an increase of 18.53% year-on-year, and reached 1 trillion euros by the end of 2010. The Bank of Spain also warned on the excessive indebtedness of the construction industry.