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ECB
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Demand for bank loans fell again across the eurozone in the three months to June, as policy tightening by the European Central Bank appears to be taking a firmer grip on the economy, the latest Bank Lending Survey, published Tuesday, shows.
- Banks said credit standards tightened further for all loan categories, while demand for loans decreased strongly for both firms and households.
- The survey also showed banks are growing more concerned over non-performing loans and are set to tighten lending conditions further in the months ahead. The net percentage of banks reporting a tightening was smaller than in the previous quarter, standing at 14%, compared with 27% in Q1, but inline with their expectations laid out then.
- According to the ECB survey, cumulated net tightening since the beginning of 2022 has been "substantial", and the BLS results have provided early indications about the significant weakening in lending dynamics observed since last autumn.
- The ECB, who meet Thursday and look set to hike rates by 25 bps to 3.75%, will closely study the latest BLS as it is seen as a key metric ahead of the September policy round. The further signs of deterioration in lending conditions could open the way to a September pause if other data points in the next 6 weeks also slow. (MNI SOURCES: Data Deluge Clouds Early ECB September Rate Call)
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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