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Spain's banks have 155.84 billion euros ($192 billion) in loans that are at risk of not being paid, the highest level since 1994, according to the country's central bank.

The bank said Wednesday that the amount of non-performing loans in May represented 8.95 percent of all loans, up from 8.72 percent in April. The ratio had reached a record 9.15 percent in 1994.

Many of Spain's banks are loaded with toxic real estate assets following the collapse of the country's real estate market in 2008. The 16 other countries that use the euro last month agreed to provide Spain with up to 100 billion euros ($122.81 billion) to help support its banks.

Spain is in its second recession in three years and is battling to avoid a full-blown sovereign bailout like those of Greece, Ireland and Portugal.