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Eurozone Commercial Banks Tightened Access To Credit In The Third Quarter
Eurozone commercial banks tightened access to credit in the third quarter of 2020.
Yazar: Tom Roberts
Yayınlanma: 27 Ekim 2020 22:02
Güncellenme: 12 Mayıs 2024 22:08
Eurozone Commercial Banks Tightened Access To Credit In The Third Quarter
Eurozone commercial banks tightened access to credit in the third quarter of 2020. In a survey of the European Central Bank (ECB) on Tuesday, Banks expect to continue to do so for the rest of the year, as they are increasingly concerned about the impact of the new coronavirus pandemic.Loan conditions will be tightened
The survey revealed that banks tightened their criteria for approving loans to businesses and consumers, as well as the terms of the loans they approved. And they expect further tightening in this, the 4th quarter. They cited increased risk perception and lower tolerance for it as a reason. This was partially offset by government measures to support the economy in the spring, such as government loan guarantees. "In Q4 2020, banks expect corporate credit standards to continue to tighten, reflecting concerns about economic recovery as some sectors remain vulnerable, as well as uncertainty about the extension of fiscal support," the ECB said in a statement.Growth of loans to the private sector
The ECB said in a separate report that money supply in the euro area grew faster in September and that loans to the private sector grew steadily. Data on the development of the M3 money supply, which is a key indicator of the state of cash in the economy, show that the year-on-year growth rate rose to 10.4 percent in September from 9.5 percent in August. Economists predicted that it would rise only slightly to 9.6 percent. Similarly, growth in the narrower M1 aggregate, which includes currency and deposits, accelerated to 13.8 percent in September from 13.2 percent a month earlier. In terms of credit growth, the annual growth rate of loans to the private sector slowed to 4.9 percent in September from 5 percent in August. Among credit sectors, adjusted loans to households grew slightly faster in September, up 3.1 percent after rising by 3 percent in August. And in the case of loans to non-financial corporations, their annual growth rate remained at 7.1 percent in August.İLGİLİ HABERLER
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