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ECB Bank Lending Survey Preview: Banks Fearful But Borrowers Appetite To Improve?


ECB Bank Lending Survey due at 0900 London time.

  • Last time, we saw moderate net tightening with more expected in 1Q24 as bank risk appetite (not funding availability) became the driving factor. France, Italy and Spain were the most dovish last time with Germany showing moderate net tightening.
  • Loan demand was weak in 4Q23 (but less than the previous quarter) indicating a potential nascent recovery in 1Q24.
  • Real estate and construction were the focus sectors in the last report with an expectation it weakens again in 1Q24 – we’ve seen little to change that in the last three months.

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