Eurozone Bank Lending Growth Improves In September
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(RTTNews) - Eurozone bank lending growth improved moderately in September as interest rates started to ease, data published by the European Central Bank showed on Friday.
The adjusted loans to the private sector rose 1.6 percent compared with 1.5 percent in August. Claims on the private sector posted a steady annual growth of 1.2 percent in September.
Among the borrowing sectors, the annual growth of adjusted loans to households came in at 0.7 percent in September, slightly better than the 0.6 percent rise in August. Adjusted loans to non-financial corporations increased to 1.1 percent from 0.8 percent a month ago.
The M3 broad monetary aggregates grew at a pace of 3.2 percent annually, while it was expected to post a steady increase of 2.9 percent. At the same time, the M1 narrow measure declined 1.2 percent, following a 2.1 percent drop.
Although lending will probably continue to increase gradually in the coming months, the ECB might need to cut its policy rates substantially to give lending a significant boost, Capital Economics' economist Jack Allen-Reynolds said.
ING economist Bert Colijn said tentative improvements show that monetary easing in the currency bloc is having an effect but that more needs to be done for investment to undergo a more meaningful recovery in 2025.
Early this month, the ECB had lowered its key rate by 25 basis points after a similar quarter point cut opted in September. The bank said policy rates will be kept sufficiently restrictive for as long as necessary to bring euro area inflation back to the 2 percent target.
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