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A view shows the skyline of Frankfurt, as people gather, in Germany, July 5, 2022. REUTERS/Kai Pfaffenbach
Aug 26, 2010 Lending to euro zone companies grew in July, overcoming fears of a recession and lenders’ plans to tighten new lending, European Central Bank data showed.
Loans to businesses in the 19-nation euro area rose 7.7% in July after 6.9% a month earlier, while credit growth to households slowed to 4.5% from 4.6%, new data showed on Friday.
He said banks, which tightened lending in the second quarter, may be more cautious in the current quarter as high oil prices and the war in Ukraine erode savings.
This raised concerns that the ECB’s rate hike – which began with a 50 basis point increase in July and will resume on September 8 – could exacerbate the recession.
M3 growth in the euro zone, meanwhile, slowed to 5.5% from 5.7%, partly a reflection of the ECB’s end of money printing. M3 growth was below expectations for 5.6% growth.
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Reporting by Balazs Koranyi; Editing by Jacqueline Wong
Our Standards: The Thomson Reuters Trust Principles.
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