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Financial News: Eurozone Lenders Report Fall In Demand: ECB Survey

Eurozone Lenders Report Fall In Demand: ECB Survey

01/23/2024 - 06:56:00 (RTTNews)

(RTTNews) - Euro area lenders reported a substantial decline in demand for loans by firms and households in the fourth quarter largely due to the rising interest rates, the Bank Lending Survey from the European Central Bank showed on Tuesday.

There were net decreases in demand for loans from firms, demand for housing loans and demand for consumer credit and other lending to households in the fourth quarter.

The survey showed that lower fixed investment dampened firms' demand for loans, while weak consumer sentiment as well as housing market prospects reduced demand from households for loans.

For the first time since early 2022, banks forecast a small net increase in demand for loans to firms and for housing loans in the first quarter.

Banks had tightened their loan approval criteria for loans to both firms and households. Risk perceptions were a major driver of the tightening of credit standards.

For the first quarter, banks expect further tightening of credit standards on loans to firms and households. Bank lending conditions tightened more in real estate and construction than in other sectors, the bank said.

The survey was conducted among 157 banks between December 8 and January 2.

"The survey provides confirmation that monetary transmission remains forceful and that economic activity will remain curbed by tight policy in the coming quarters," ING economist Bert Colijn said. "That further paves the way for first rate cuts over the course of the year."

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