Préstamos bancarios a empresas siguen contrayéndose en ZE

Genevieve Signoret & Patrick Signoret

En diciembre, los préstamos de bancos comerciales a empresas no financieras de la zona del euro cayeron a -2.3% a/a (-1.8% en noviembre), alargando la tendencia a la baja que comenzó en octubre 2011. Los préstamos a hogares crecieron ligeramente por tercer mes consecutivo a 0.5% a/a en diciembre, después de haberse estancado en septiembre (BCE). Barclays observa algunas señales positivas. Por ejemplo, recuperación en los depósitos de España y Grecia. También explica que los datos de préstamos a empresas fueron distorsionados por la restructuración de bancos españoles. Sin embargo, concluye que el crédito en la zona del euro todavía está atrancado. Los tres agregados de la eurozona se desaceleraron en diciembre pero continuaron una tendencia de aceleración (BCE).

Barclays (“Euro area MFI country-level analysis: Further stabilisation but pass-through of ECB easing to bank lending still a work in progress”, Instant Insights 28 ene 2013):

Further signs of stabilisation are visible in the December MFI deposit and lending flows at the national MFI level, helping a further reduction in the sharp ‘north-south’ divide that has characterised the euro area’s banking sector over the past few years.

Notably, deposit flows (of households and corporates) continue to return to banks located in the southern parts of the euro area (Greece, Spain) where outflows had been the strongest last summer. Banks purchased significantly fewer government securities in December (unadjusted -EUR 49.5). However, bank lending to the private sector remains depressed. Whereas the recessionary environment in many member states is likely to be behind the weak bank loan growth, especially to households, the stark contrast between the subdued provision of NFC bank loans and surging NFC bond issuance still points to a clogged bank lending channel. As we wrote earlier today, the December drop in bank loans to NFCs was distorted by the Spanish banking sector restructuring which had a sizeable downward impact even on loan flows corrected for sales and securitisations (see below for Spain country details). But deleveraging pressures due to regulatory changes and capital shortages at some banks should continue to weigh on bank lending while the ECB’s accommodative stance, boosted by the announcement of possible OMTs last summer, still works its way through the system.