Santiago López, Credit Suisse

Banco Popular Espanol SA (POP) - Santiago López at Credit Suisse

The total amount of refinancing on the bank's books stands at about 2.45 percent of loans, a figure equivalent to about 2 billion euros, he said. Banks including Popular, Banco Sabadell SA and Bankinter SA have divulged details of their loan refinancing as a debate rages in Spain over whether Spanish lenders are under reporting loan losses amid rising defaults by companies and consumers. Many banks may be "avoiding recognition of the true scale" of the deterioration in assets, Moody's Investors Service said Oct. 13. Santiago Lopez , a Madrid based analyst at Credit Suisse AG, estimates that the industry may be understating bad loans by as much as 30 percent. "Remember that we only do this when we think that there is a very reasonable expectation of the company being viable," said Gonzalez Robatto, referring to the bank's refinancing policy.