7/25/2023, 10:02 AM (Source: TeleTrader)
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ECB says demand for loans fell 'strongly'

The European Central Bank shared on Tuesday in its July 2023 Bank Lending Survey that the demand for loans deteriorated "strongly for both firms and households."

"Banks reported a strong net decrease in demand from firms for loans or drawing of credit lines in the second quarter of 2023, which dropped to an all-time low since the start of the survey in 2003," ECB said.

Credit standards "tightened further in the second quarter of 2023," ECB noted. Net tightening of credit standards on loans to firms in the Eurozone is anticipated to grow further, although at a moderate rate, in the third trimester of 2023, while credit standards on loans to households for house purchases are expected to remain unchanged. Euro area banks are projecting a "minor" net tightening of credit standards for consumer credit.

Baha Breaking News (BBN) / AY