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Eurozone's creditless recovery continues - ING

FXStreet (Łódź) - Martin van Vliet states that even though credit conditions in the Eurozone remain tight, signs of improvement in bank lending are slowly becoming visible.

Key quotes

"The annual rate of change in loans to the non-financial private sector originated by banks (adjusted for sales and securitisation) improved for a fifth straight month, from -1.0% in July to -0.9% in August."

"The annual growth rate of loans to households (also adjusted for sales and securitisation) remained unchanged at +0.5%."

"The ECB will be relieved to see that the net monthly flow in loans to non-financial corporations improved sharply after the negative €-16bn reading in July. But flat net lending is hardly a reason to cheer. "

"The reduction in bank funding costs is feeding through into lower lending rates, but this has clearly not yet translated into significantly stronger lending volumes."

"Bank risk perceptions and subdued loan demand apparently are still weighing on lending. "

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