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Euro zone banks tighten credit by most since 2011 - ECB

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New ECB figures show that euro zone banks have tightened companies' access to credit by the most since the 2011 debt crisis and expect to continue doing so as they turn more pessimistic on the economy amid rising borrowing costs.

Euro zone banks have tightened companies' access to credit by the most since the 2011 debt crisis and expect to continue doing so as they turn more pessimistic on the economy amid rising borrowing costs.But demand for loans from enterprises and households also fell for the same reasons, with the drop in demand for mortgages the biggest on record, the ECB's quarterly Bank Lending Survey showed.

They may play into the hands of policymakers arguing for smaller rate hikes in the coming months at a meeting on Thursday. Banks also restricted access to consumer credit and mortgages, a trend that banks expect to continue this quarter.

 

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