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ECB’s bank lending survey points to strong credit conditions - RBS

FXStreet (Delhi) – Research Team at RBS, note that the ECB’s Bank Lending Survey (BLS) for Q3 was released yesterday and it showed that continued strong improvement in bank credit and lending terms and conditions in general.

Key Quotes

“This has been an ongoing theme and we would not have expected a weaker report. Nevertheless the market appears to have taken this bearishly, perhaps in conjunction with Banque de France governor Noyer’s comments that QE is currently ‘well calibrated’ according to Bloomberg reports based on a radio interview in France.”

“Noyer has not been vocal recently, but his views are not out of line with those of other ECB speakers. One interpretation is that ECB members may believe that QE has done enough for the ‘fundamentals of the transmission mechanism’ and this may push the balance back toward rate cuts, in favour of more QE. We think this is unlikely for now, but rate cuts are very possible next year.”

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