20:19 Feb 11, 2011 

In Spain "morosidad" is plain and simple "you owe / are late"; it is an everyday word, used by laymen and banking and financial sector. (It's used in financ. statements / assessments /analysis etc. and it can be light / serious /very serious: as preferred by the author) And "vigilancia especial" has been used by the govt / press etc. when needed and as needed. If you google, say "Banco de España Vigilancia Especial -or any other like combination" you'll see what I mean.

15:28 Feb 10, 2011 

With Margot's additional examples, I would make an educated guess that morosidad is bad debt and vigilancia grave is doubtful debt.

15:15 Feb 10, 2011 

I think it is better to go for translating what it means, but that's just my opinion. If you want to go for a more literal translation, however, I would use Allegro's answer, but providing more context. For example, "past-due loans under close scrutiny", and for "Vigilancia especial", "past-due loans under special scrutiny".

15:07 Feb 10, 2011 

"Close oversight" sounds terribly artificial English; personally I wouldn't use it

08:22 Feb 10, 2011 

Could it be "close oversight?"

21:19 Feb 9, 2011 

Here's another example:
"Tras nuestra revisión se incrementan significativamente los índices de Morosidad (18%) y Vigilancia grave (15%) por la identificación de baja ocupación y deterioro de las garantías, con necesidad de restructuración o de venta de activos para cancelar la deuda." The text also refers to "Vigilancia Especial"

19:31 Feb 9, 2011 

You've given us very good context already, but do you think a couple more examples might shed some light on this?

19:30 Feb 9, 2011 

I think it almost certainly does mean debts which have gone bad. I wonder if "morosidad" is "overdue debt" and "vigilancia grave" is "seriously doubtful debt", ie they will probably have to write it off.

18:58 Feb 9, 2011 

but from the context it clearly does not mean debts which have fallen bad or in default but those which are at high risk of doing so. I wonder if anybody has a term for this. I've seen 99.99% of the terms used in this context but never this one.