2013年-ECB欧洲央行_The_results_of_the_euro_area_bank_lending_survey_for_the_third_quarter_of_2013_9页_317kb

Box 3: The Results of the Euro Area Bank Lending Survey for the Third Quarter of 2013

Core Content

The Euro Area Bank Lending Survey (BLS) for the third quarter of 2013, conducted between 25 September and 10 October 2013, highlights a continuing stabilisation in credit conditions for both firms and households, despite weak loan demand. The survey covers a range of indicators, including credit standards, terms and conditions, and demand for loans, across different loan types and firm sizes.

Main Results

• Credit Standards for Enterprises:

  • Net tightening of credit standards for enterprise loans decreased slightly to 5%, down from 7% in the previous quarter.
  • The net tightening remained below the historical average.
  • Short-term loans saw a 3% net tightening (unchanged from the previous quarter), while long-term loans experienced a significant decline to 5%, down from 10%.
  • Cost of funds and balance sheet constraints contributed to a slight net easing of credit standards, primarily due to improved liquidity and lower capital cost concerns.
  • Risk perceptions had a declining impact on tightening credit standards, with banks becoming less pessimistic about economic activity and industry-specific outlooks.
  • Competitive pressures contributed to a net easing of credit standards.

• Credit Standards for Households (House Purchase Loans):

  • Net tightening of credit standards decreased to 3%, from 7% in the previous quarter.
  • Cost of funds and balance sheet constraints had a marginal tightening effect (1%, down from 5%).
  • General economic outlook and housing market prospects contributed to a further easing of credit standards.
  • Non-price terms and conditions showed a decline in net tightening, with collateral requirements, loan maturity, and non-interest rate charges easing.
  • Loan-to-value ratios saw a small net increase in tightening.
  • Looking ahead, banks expect unchanged credit standards for housing loans in the fourth quarter.

• Consumer Credit:

  • Net tightening of credit standards for consumer credit increased slightly to 1%, up from -2% in the previous quarter.
  • Cost of funds and balance sheet constraints remained stable.
  • Risk perceptions contributed less to tightening, while competitive pressures continued to ease credit standards.
  • Looking ahead, banks expect a slight net easing in credit standards for consumer credit in the fourth quarter.
  • Loan demand for consumer credit increased to 1%, up from -7% in the previous quarter.
  • Demand is expected to rise further to 5% in the fourth quarter.

• Loan Demand Trends:

  • Enterprise loans: Net decline in demand abated to -12%, compared with -18% in the previous quarter.
  • Household loans: Net demand for housing loans turned positive at 5%, while consumer credit demand increased to 1%.
  • Factors affecting demand:
    • Reduced fixed investment had a negative impact (-21%).
    • Mergers and acquisitions had a marginal negative impact (-1%).
    • Durable goods spending, consumer confidence, and household savings had smaller negative impacts.
    • Financing for inventories and working capital, as well as debt restructuring, had positive impacts (2% and 16%).
  • Looking ahead, banks expect positive net demand for all loan categories in the fourth quarter.

Funding Access and Market Tensions

• Market Access:

  • Euro area banks reported improvement in access to funding across all categories in net terms.
  • Retail funding improved by -3%, money markets by -3%, debt securities by -6%, and securitisation by -8%, compared to the previous quarter.
  • The improvement in wholesale funding was stronger than expected, especially for debt securities and securitisation.
  • Looking ahead, banks expect further easing in access to funding, with the exception of securitisation.

• Sovereign Debt Crisis Impact:

  • The sovereign debt crisis contributed to an easing of funding conditions for euro area banks in the third quarter.
  • Direct exposure to sovereign debt and sovereign collateral had an easing effect (5% and 6%, respectively), compared to 2% and 3% in the previous quarter.
  • Other effects had a net tightening impact (3%), down from 2% in the previous quarter.
  • The impact on credit standards for household loans and consumer credit turned to net easing (-1% each), while enterprise loans saw a marginal net tightening (1%).
  • The sovereign debt crisis had an easing impact on loan margins across all categories.

Key Insights

• Credit conditions for firms and households continued to stabilise, with enterprise credit standards and household loan demand showing signs of improvement.
• Weak loan demand remained a challenge, but enterprise demand was approaching the historical average.
• Competitive pressures and improved liquidity were key factors in easing credit standards.
• Sovereign debt crisis had a mixed impact, with funding conditions improving and credit standards for some categories easing.
• Looking ahead, banks anticipate net easing in credit standards for corporate and consumer loans, and positive demand for all loan categories in the fourth quarter.