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Overview of financing in Europe - July 2012

Overview of financing in Europe

According to the Bank Lending Survey conducted by the ECB, the corporate financing conditions have deteriorated less in the 1st quarter of 2012
The ECB conducts a survey each quarter on the main financial establishments in the Euro zone (131 banks). This survey measures the past development of the conditions surrounding the granting of credit to firms (non-financial establishments) and households, the demand expressed and the forecasts for the next 3 months.
At the end of the 1st quarter, the ECB survey revealed a marked slowdown in the tightening of credit conditions declining from a net balance of 35% in the 4th quarter of 2011 to 9% in the 1st quarter of 2012. The survey results indicate that the tightening of credit conditions paradoxically remains more marked for large firms (net balance of 17%) than for SMEs (net balance of 1%).
This decline, which is significantly more marked than anticipated, reflects the reduced pressure placed on banks in terms of costs, balance constraints and above all access to refinancing.​

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