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Banks grant more loans again

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HB FRANKFURT. The bank lending in the euro zone in September rose for the second month in a row again. The sum of the presented to companies and households, loans extended to the in Frankfurt on Wednesday to published data from the European Central Bank (ECB) compared to the previous month at 1.2 percent. Experts polled by Reuters had expected on average to rise by 1.4 percent. Some analysts now already assumed that the worst could be over in lending the money houses and no more credit crunch threatens to endanger the recovery. Back in August, banks had issued in the 16 countries of the monetary union in total, 1.2 percent more credit.

Commerzbank analyst Michael Schubert sees the data characters for a more stable situation in the credit market. This supported the plan of the ECB, quickly get out of the fight against the crisis opened unorthodox monetary policy measures.

"At the same time, the credit dynamics but must increase still well before ECB President Jean-Claude Trichet – to speak with his own words -" declare victory "can" Howard Archer of research firm IHS Global Insight, called it a "welcome step. the right direction. "

Martin van Vliet of the Dutch ING Bank called the numbers "encouraging." However, the recovery was still fragile. For the year lies lending specifically to companies – that is, the loans that have particularly high influence on the further economic development – in September by 0.6 per cent lower (August, down 1.1 percent). Therefore, the ECB was advised of his in a good way to scale back its support very carefully. Experts believe that companies, especially in the peripheral countries of the Monetary Union have great difficulty getting loans.

At least in Germany, the company again but felt the morning air. According to recent figures of the Munich Ifo Institute in Germany complain now fewer companies than a restrictive lending institutions. According to Ifo in October had only 27.6 percent of 4000 respondents, problems to get loans.

In September there were 29 percent a year ago, about 44 percent. "The bank lending supports the expansion," explained the researchers. The key for the ECB interest rate policy of M3 presented in September as well. The increase was 1.0 percent.

Analysts had expected a rise of 1.3 percent. In the three-month moving average (July to September), M3 rose by 0.8 percent. M3 comprises essentially cash, current accounts, short-term money market paper and debt securities with up to two years duration.