2011年-ECB欧洲央行_The_results_of_the_April_2011_bank_lending_survey_for_the_euro_area_7页_264kb

Box 2: April 2011 Bank Lending Survey for the Euro Area Summary

Core Content

The April 2011 Bank Lending Survey for the euro area, conducted by the Eurosystem between 14 and 31 March 2011, provides insights into the credit standards and loan demand trends for enterprises and households. The survey highlights a slight tightening of credit standards for both sectors, while loan demand for enterprises increased and for households showed mixed results.

Main Results

Loans and Credit Lines to Enterprises

• Credit Standards:

  • Net tightening of credit standards increased to 4% in Q1 2011 from 0% in Q4 2010.
  • This is in line with the 2% expectation from three months prior.
  • Short-term loans saw a slight easing of credit standards (-2%), while long-term loans experienced tightening.
  • Factors contributing to tightening:
    • Banks' ability to access market financing (9%), up from 3% in Q4 2010.
    • Banks' liquidity position (7%), up from 2% in Q4 2010.
  • Risk perception and competitive pressures had a neutral or easing effect.
  • Non-price terms were mostly tightened, while margins on riskier loans increased slightly (20% vs. 18%), and average loan margins decreased (11% vs. -1%).

• Loan Demand:

  • Net demand for corporate loans increased to 19% in Q1 2011 from 10% in Q4 2010.
  • Large enterprises showed a stronger increase (16% vs. 11%), while SMEs saw a smaller but still positive increase (13% vs. 19%).
  • Net demand for short-term and long-term loans remained similar to previous expectations (14% and 18% respectively).
  • The increase in demand was driven by inventory and working capital needs (18%) and fixed investment (12%), which saw positive developments for the first time in over two years.
  • Alternative financing sources had a neutral effect on demand.

• Future Expectations:

  • Banks expect a slight net tightening of credit standards for enterprises in Q2 2011 (3%), affecting SMEs and large firms equally, primarily on long-term loans.
  • Net demand is expected to increase further to 26%, with a larger increase for SMEs (24%) than for large firms (18%).
  • Short-term and long-term loan demand is expected to converge in Q2.

Loans to Households for House Purchase

• Credit Standards:

  • Net tightening increased to 13% in Q1 2011 from 9% in Q4 2010.
  • This tightening was driven by:
    • Increased cost of funds (14% vs. 5%).
    • Balance sheet constraints (14% vs. 5%).
    • Slight deterioration in risk perception (9% vs. 6%).
  • Loan-to-value ratio and maturity were also tightened.

• Loan Demand:

  • Net demand for housing loans contracted to -10% in Q1 2011, down from 23% in Q4 2010.
  • The decline was due to deteriorated housing market prospects and faltering consumer confidence.
  • Banks expect a mild increase in demand for housing loans in Q2 2011 (5%).

Consumer Credit and Other Lending to Households

• Credit Standards:

  • Net tightening of credit standards for consumer credit and other household lending increased to 7% in Q1 2011 from 2% in Q4 2010.
  • Factors contributing to tightening:
    • Increased cost of funds (9% vs. 5%).
    • Deterioration in economic activity expectations (6% vs. 2%).

• Loan Demand:

  • Net demand for consumer credit slightly decreased to -4% in Q1 2011, from -2% in Q4 2010.
  • This was mainly due to declining consumer confidence.
  • Banks expect positive net demand for consumer credit and other household lending in Q2 2011 (6%).

Ad Hoc Question on Financial Turmoil

• Wholesale Funding Access:

  • Banks reported a deterioration in access to short-term money markets (maturities > one week) with 12% of banks reporting a decline, compared to 24% in the previous survey round.
  • Access to very short-term money markets slightly improved for 2% of banks.
  • Debt securities markets saw a deterioration for 6–10% of banks, down from 30% in Q4 2010.
  • True-sale securitisation of corporate loans deteriorated for 8% of banks.
  • Securitisation of housing loans remained unchanged, while risk transfer off balance sheets improved for 5% of banks.

• Future Outlook:

  • Banks expect improvement in money market access in Q2 2011.
  • Debt securities markets may still experience deterioration, though less severe.
  • Securitisation of corporate loans is expected to continue deteriorating in Q2.

Key Information

• Credit Standards:
  • Enterprises: Net tightening of 4% in Q1 2011, with long-term loans tightening more than short-term.
  • Households: Net tightening of 13% for housing loans, 7% for consumer credit.
• Loan Demand:
  • Enterprises: Net demand increased to 19% in Q1 2011.
  • Housing Loans: Net demand contracted to -10% in Q1 2011.
  • Consumer Credit: Net demand slightly decreased to -4% in Q1 2011.
• Future Expectations:
  • Credit standards for enterprises and households are expected to tighten slightly in Q2 2011.
  • Net demand for enterprise loans is expected to increase to 26%, with SMEs showing a larger increase.
  • Housing loan demand is expected to mildly increase to 5%, while consumer credit demand is expected to turn positive at 6%.
• Wholesale Funding:
  • Access to short-term money markets and debt securities markets deteriorated, while risk transfer improved.
  • Access to money markets is expected to ease in Q2 2011.