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Wednesday, the Bank Lending Survey from the European Central Bank confirmed the indications of a turning-point in the credit tightening trend experienced at the time of the April 2009 survey. For the fourth quarter, the euro area banks expect a slight net easing of credit standards for loans to enterprises. Banks also estimate the net tightening of credit standards applied to loans to households to weaken further in the fourth quarter.
The net percentage of banks recording a tightening of credit standards applied to loans and credit lines to enterprises declined significantly to 8%, versus 21% in the second quarter. The survey found that the most important driving forces for the tightening continued to be expectations regarding general economic activity and the industry or firm-specific outlook. The ECB added that banks' access to market financing and banks' liquidity position, contributed to an easing of credit standards for loans to enterprises.
The survey was conducted between September 14 and October 2. Around 118 euro area banks participated in the quarterly survey.
According to ECB, the survey results point to some relief in the situation of banks in the third quarter, indicating the ongoing normalization of the market conditions they are facing.
Commerzbank analyst Michael Schubert said, "Given the very strong net tightening of credit standards in the second half of last year, the ECB will probably expect that supply factors will weigh considerably on the loan momentum in the short term." The less pronounced net lending this year would indicates that there should be relative improvement in the medium term. Schubert added that the central bank would possibly stick to wait-and-see stance for the time being.
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