Eurozone financial institutions intend to tighten lending conditions to businesses in the second quarter and expect demand for loans from businesses to decline, the European Central Bank's bank lending survey showed on Tuesday. Became.
Lenders plan to gradually tighten credit standards for loans to businesses in the second quarter, while maintaining credit standards for loans to households.
Credit standards for corporate loans became slightly stricter in the first quarter.
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For the first time since the fourth quarter of 2021, banks have gradually eased standards for lending to households to purchase homes. Meanwhile, credit standards for consumer credit and other household loans were further tightened in the first quarter.
The survey showed that demand for loans and drawdowns from businesses has fallen significantly, contrary to banks' expectations for a recovery.
While demand for mortgages recorded a slight decline in the first quarter, demand for consumer credit and other household loans remained broadly stable.
The decline in demand was mainly caused by higher interest rates, lower fixed investment by businesses, and lower consumer confidence among households.
The bank currently expects a gradual decline in corporate loan demand and a net increase in household loan demand in the second quarter of 2024.
ING economist Bart Koline said the slightly easing of expectations for the second quarter suggests that bank lending conditions will remain very weak in the coming months.
The economist observed that tight monetary policy continues to have a limiting impact.
The survey found that ongoing central bank balance sheet reductions continue to exert tightening pressure.
The survey was conducted from February 29th to March 15th, with a total of 157 banks responding, for a response rate of 100%.
