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Outlook of financing in Europe – September 2012

Deterioration in lending conditions in the second quarter…

…although the change was comparable with that in the first quarter according to the ECB’s Bank Lending Survey

At the end of the second quarter, the ECB survey again recorded a modest tightening of lending conditions for companies, with an increase in the net balance from 9% in the first quarter 2012 to 10% in the second quarter of 2012.

The credit crunch did not worsen though, despite economic and financial conditions. Nonetheless, the previous survey had indicated that banks expected lending conditions to stabilise over the summer, which did not turn out to be the case. This stability reflects the almost unchanged position of
banks with regard to costs, balance sheet constraints and above all access to market refinancing. In the end it was the worsening economic outlook which had a negative impact on lending conditions in the second quarter.​

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