diff --git a/server/failmanager.py b/server/failmanager.py
index 82c2ed6f..93a3a351 100644
--- a/server/failmanager.py
+++ b/server/failmanager.py
@@ -105,8 +105,15 @@ class FailManager:
 				fData.setLastReset(unixTime)
 				fData.setLastTime(unixTime)
 				self.__failList[ip] = fData
-			logSys.debug("Currently have failures from %d IPs: %s"
-						 % (len(self.__failList), self.__failList.keys()))
+
+			if logSys.getEffectiveLevel() <= logging.DEBUG:
+				# yoh: Since composing this list might be somewhat time consuming
+				# in case of having many active failures, it should be ran only
+				# if debug level is "low" enough
+				failures_summary = ', '.join(['%s:%d' % (k, v.getRetry())
+											  for k,v in  self.__failList.iteritems()])
+				logSys.debug("Currently have failures from %d IPs (IP:count): %s"
+							 % (len(self.__failList), failures_summary))
 			self.__failTotal += 1
 		finally:
 			self.__lock.release()