2017年-ECB欧洲央行_Recent_trends_in_consumer_credit_in_the_euro_area_4页_112kb

3 Recent Trends in Consumer Credit in the Euro Area Summary

Core Content

Consumer credit in the euro area has been experiencing a notable increase in recent months, continuing a gradual recovery that began in 2014. The growth rate of total loans by monetary financial institutions (MFIs) to households has accelerated, with consumer credit playing a key role in supporting household demand for durable goods. This trend is primarily driven by increased take-up of new medium- and long-term consumer credit loans, which have outpaced the volume of maturing loans.

Key Trends and Developments

• Overall Growth:

  • Total household loans by MFIs have shown a stronger growth rate in recent months.
  • Consumer credit has grown rapidly in the last two years, almost reaching pre-crisis levels.
  • However, its contribution to total household loan growth remains moderate and below pre-crisis levels.

• Loan Components:

  • Loans for house purchases are the largest contributor to household loan growth, accounting for 75% of total MFI loans to households.
  • Consumer credit is mainly used to finance purchases of big-ticket items such as furniture, household appliances, and motor vehicles.

• Drivers of Growth:

  • Return of household confidence following economic recovery and improved labor market conditions.
  • Record low bank lending rates on consumer credit.
  • Support from the ECB's accommodative monetary policy, including standard and non-standard measures.
  • Reduced credit risk for borrowers, leading to increased credit supply and eased credit standards.

Country-Specific Dynamics

• Spain:

  • Consumer credit has grown at double-digit rates since mid-2015.
  • It is the only private sector loan component showing positive growth.
  • New passenger car registrations have increased significantly, aligning with the growth in consumer credit.

• Italy:

  • Consumer credit accounts for half of the annual growth in total MFI loans to households.
  • New car registrations have also strengthened in recent years.
  • Credit standards for consumer credit loans have been eased since mid-2015.

• Germany and France:

  • Annual growth rates of consumer credit remain relatively moderate.
  • Nominal bank lending rates on consumer credit loans have decreased significantly in France and Spain.
  • Credit standards have been eased most in Spain and Italy, where they were previously tightened due to the financial crisis and deteriorating debt servicing capacity.

Supporting Data

• Chart A: Shows MFI loans to households by purpose in the euro area, with data up to Q2 2017.
• Chart B: Displays new business volumes in consumer credit and retail sales, with data up to August 2017.
• Chart C: Illustrates consumer credit growth in selected euro area countries, with data up to Q2 2017.
• Chart D: Highlights new passenger car registrations in selected euro area countries, with data up to Q2 2017.
• Chart E: Provides nominal bank lending rates on consumer credit loans in selected euro area countries, with data up to August 2017.
• Chart F: Shows changes in credit standards applied to consumer credit loans in selected euro area countries, with data up to Q3 2017.

Conclusion

The recovery in consumer credit across the euro area is broadly based but varies significantly by country. Spain and Italy have shown the most robust growth, driven by strong economic recovery, improved labor markets, and eased credit conditions. The ECB's monetary policy has played a crucial role in supporting this trend, while in Germany and France, consumer credit growth remains more subdued. The increasing demand for durable goods and the role of consumer credit in financing these purchases underscore its importance in the current economic context.