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Euro zone credit growth remains brisk despite gloomy outlook

11/28/2022 | 04:17am EST
Illustration shows Euro coins plunging into water

FRANKFURT (Reuters) - Bank lending to euro zone companies held steady, maintaining the sector's biggest borrowing binge in over a decade, despite rising interest rates and a looming recession, European Central Bank data showed on Monday.

Lending to businesses in the 19-country euro area expanded by 8.9% in October, unchanged on September when it rose to its highest rate since early 2009, fresh data showed. Household credit growth meanwhile slowed to 4.2% from 4.4%.

The monthly flow of loans to companies, however, slowed sharply, to 24.0 billion euros from 36.6 billion a month earlier with the flow of short term loans coming to a standstill.

Growth in the M3 measure of money circulating in the euro zone, meanwhile slowed to 5.1% from 6.3%, coming well under expectations for 6.2% in a Reuters survey.

(Reporting by Balazs Koranyi; Editing by Toby Chopra)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / EURO (AUD/EUR) 0.24% 0.65424 Delayed Quote.2.22%
BRITISH POUND / EURO (GBP/EUR) 0.07% 1.14016 Delayed Quote.0.59%
CANADIAN DOLLAR / EURO (CAD/EUR) 0.35% 0.691793 Delayed Quote.-0.79%
INDIAN RUPEE / EURO (INR/EUR) 0.27% 0.011295 Delayed Quote.-0.49%
US DOLLAR / EURO (USD/EUR) 0.34% 0.920887 Delayed Quote.-2.00%
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