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Research

Report

Outlook of financing in Europe November 2012


The ECB Bank Lending Survey1 recorded a further tightening of
credit conditions in the 3rd quarter
At the end of the 3rd quarter, the ECB survey noted a new tightening of credit conditions to companies, rising from a net balance of 10% in the 2nd quarter of 2012 to 15% in the 3rd quarter of 20122. Among the factors contributing to changes in financing conditions, it may be noted that the cost or access to refinancing by banks contributes less and less to the tightening of access to debt; conversely, economic expectations and business prospects heavily
affect the trend. The impact on financing conditions is evidenced by a new rise in margins on financing considered to be the most risky.

Further fall in demand for financing in Europe
The ECB Bank Lending Survey1 recorded a further tightening of
credit conditions in the 3rd quarter
At the end of the 3rd quarter, the ECB survey noted a new tightening of credit conditions to companies, rising from a net balance of 10% in the 2nd quarter of 2012 to 15% in the 3rd quarter of 20122. Among the factors contributing to changes in financing conditions, it may be noted that the cost or access to refinancing by banks contributes less and less to the tightening of access to debt; conversely, economic expectations and business prospects heavily
affect the trend. The impact on financing conditions is evidenced by a new rise in margins on financing considered to be the most risky.​

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