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1、 THE EURO AREA BANK LENDING SURVEY 3RD QUARTER OF 2012 OCTOBER 2012 European Central Bank, 2012 Address Kaiserstrasse 29, 60311 Frankfurt am Main, Germany Postal address Postfach 16 03 19, 60066 Frankfurt am Main, Germany Telephone +49 69 1344 0 Internet http:/www.ecb.europa.eu Fax +49 69 1344 6000
2、All rights reserved. Reproduction for educational and non-commercial purposes is permitted provided that the source is acknowledged. ISSN 1830-5989 (online) ECB The euro area bank lending survey October 20121 The results reported in the October 2012 bank lending survey (BLS) relate to changes during
3、 the third quarter of 2012 and expectations of changes in the fourth quarter of 2012. The survey was conducted between 20 September and 9 October 2012. With 131 banks participating, the response rate reached 100%. In this survey, two ad hoc questions were added to the regular questionnaire: one ques
4、tion addressing the impact of the financial turmoil on access to retail and wholesale funding, and one on the impact of the sovereign debt crisis on banks funding conditions and credit standards. 1 OVERVIEW OF THE RESULTS According to the October 2012 bank lending survey, the net tightening of credi
5、t standards by euro area banks for loans to enterprises increased in the third quarter of 2012 (15% in net terms, up from 10% in the second quarter of 2012). For loans to households for house purchase the net tightening was broadly stable in the third quarter of 2012 (12%, after 13% in the second qu
6、arter of 2012), while the net tightening declined slightly for consumer credit (3%, down from 7% in the second quarter of 2012). The impact of banks cost of funds and balance sheet constraints on the net tightening of credit standards eased in the case of loans to both enterprises and households. By
7、 contrast, risk perceptions contributed to the increase in the net tightening of credit standards on loans to enterprises in the third quarter of 2012, while in the case of loans to households for house purchase the impact of the general economic outlook and housing market prospects remained broadly
8、 unchanged. The stronger net tightening of credit standards on loans to enterprises in the third quarter of 2012 was reflected in a further widening of margins on riskier loans to enterprises (44%, up from 32% in the second quarter of 2012), whereas the remaining terms and conditions were broadly un
9、changed. Regarding housing loans, the net percentage of banks reporting a widening of margins on loans remained broadly unchanged in the case of average loans (14% in net terms, compared with 15% in the second quarter of 2012), while the net percentage declined slightly in the case of margins on ris
10、kier loans (19% in net terms, down from 21% in the second quarter of 2012). The small decline in the net percentage of banks reporting a widening of margins on riskier housing loans contrasts notably with the strong increase in the case of loans to enterprises. ECB The euro area bank lending survey
11、October 2012 2 Looking ahead to the fourth quarter of 2012, euro area banks expect a similar degree of net tightening in credit standards for loans to enterprises (13% in the fourth quarter of 2012) and households (9% in net terms for housing loans and 2% for consumer credit in the fourth quarter of
12、 2012). Turning to loan demand developments, euro area banks continued to report a pronounced net decline in the demand for loans to enterprises in the third quarter of 2012, and this balance was somewhat more negative than in the previous survey round (-28%, after -25% in the second quarter of 2012
13、). Mergers and acquisitions and inventories and working capital were the main drivers of the more pronounced net decline in demand for loans to enterprises. By contrast, the negative impact from fixed investment on the financing needs of firms contributed somewhat less than in the previous survey ro
14、und (-33% in the third quarter of 2012, after -36% in the second quarter of 2012). The ongoing net decline in demand for loans to households for house purchase accelerated somewhat in the third quarter of 2012 (-25%, after -21% in the second quarter of 2012), whereas the net decline in demand for co
15、nsumer credit abated somewhat (-22%, after -27% in the second quarter of 2012). Looking ahead to the fourth quarter of 2012, banks expect a continued net decline in the demand for loans, both for enterprises and households, even if on balance less negative than in the third quarter of 2012. The Octo
16、ber 2012 BLS included two ad hoc questions. Regarding the first ad hoc question on banks access to retail and wholesale funding in the third quarter of 2012, in contrast to the deterioration seen in the second quarter of 2012, banks reported an improvement in their access to retail and wholesale funding across all funding categories. For the fourth quarter of 2012, banks expect funding conditions to keep improving. In response to the second ad hoc question on the impact of
