Venerdì, 21 Settembre 2018

Italian bank lending drops to record low


Rome, February 19 - Loans to families and companies
dropped by record amounts in January, Italy's banking
association ABI reported Tuesday, adding that it expected the
country's economy to contract even more than it previously
According to ABI the value of total loans issued, 1.467
billion euros, represented a 2.5% drop on the December value and
was largely the result of the continuing recession in Italy.
Meanwhile, for the current year ABI researchers said their
forecasts of a 0.6% contraction in the economy would likely be
revised for the worse after a higher than expected contraction
of 0.9% in the fourth quarter of 2012.
On this basis, and unless the government takes any measures
to stimulate growth, the economy could be on track to shrink by
about 1%, ABI said.
The banking association also warned of the increasing
amount of potentially dud loans in the financial system -
another result of the continuing poor economic climate in Italy
- but added there was no cause for alarm, as the increase was
"physiological" and "could be managed".
According to ABI, the total value of bad loans reached a
net value of some 64.3 billion euros at end 2012, representing
about 3.3% of total bank lending, up from about 2.7% to the end
of 2011.
Meanwhile, ABI said that bank deposits continued to
increase in January, up 6.8% on December, reaching some 1.2
trillion euros.
The January growth rate marked an acceleration with respect
to December's +6.2% reading.
ABI said the increase in bank deposits is likely a result
of consumers' preference for liquidity in the current
recessionary climate.

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