Credit conditions improved in the first month of 2011 as a deep economic recession is limiting credit transactions. The value of bounced checks totaled 172.3 million euros in January, up 8.6 pct compared with December but down 2.11 pct compared with January 2010, official figures showed on Tuesday. A monthly report by Teiresias SA, the market’s watchdog, said that bounced checks totaled 17,851 in volume, up 4.29 pct from December and up 0.92 pct from January 2010.

The value of unpaid bills totaled 20.8 million euros in January, up 1.35 pct from December but down 23.84 pct from January 2010, while in volume unpaid bills totaled 12,713, down 6.39 pct from December and off 13.21 pct from the same month last year.