Average bank funding costs of euro area banks
(percentages per annum)
Sources: ECB (MIR, BSI), IHS Markit iBoxx and ECB calculations.
Notes: The composite funding cost is the weighted average of the cost of deposits and market debt funding, with the respective outstanding amounts on bank balance sheets used as weights. Deposit rates are on new business. Latest observation: October 2022 for BSI and MIR; 05 December 2022 for iBoxx.
18
Developments in lending rates for new loans of euro area firms and households for house purchase
(percentages per annum)
Sources: ECB (MIR).
Notes: The indicator for the total cost of borrowing for firms and for households for house purchase is calculated by aggregating shortterm and long-term rates using a 24-month moving average of new business volumes. Latest observation: October 2022.
19
Credit standards on loans to euro area firms (left panel) and demand for loans to firms (right panel) and contributing factors
(net percentages)
Source: ECB (BLS).
Notes: Actual” values refer to changes reported by banks over the past three months, while expected” values are changes anticipated by banks over the next three months. Net percentages for the questions on credit standards are defined as the difference between the sum of the percentages of banks responding tightened considerably” and tightened somewhat” and the sum of the percentages of banks responding eased somewhat” and eased considerably”. Net percentages for the questions on demand for loans are defined as the difference between the sum of the percentages of banks responding increased considerably” and increased somewhat” and the sum of the percentages of banks responding decreased somewhat” and decreased considerably”.
The net percentages for other factors” refer to further factors which were mentioned by banks as having contributed to changes in credit standards.
Latest observation: October 2022 BLS.
20
Credit standards on loans to euro area households for house purchase (left panel) and demand for loans to households for house purchase
(right panel) and contributing factors
Source: ECB (BLS).
Notes: Actual” values refer to changes reported by banks over the past three months, while expected” values are changes anticipated by banks over the next three months. Net percentages for the questions on credit standards are defined as the difference between the sum of the percentages of banks responding tightened considerably” and tightened somewhat” and the sum of the percentages of banks responding eased somewhat” and eased considerably”. Net percentages for the questions on demand for loans are defined as the difference between the sum of the percentages of banks responding increased considerably” and increased somewhat” and the sum of the percentages of banks responding decreased somewhat” and decreased considerably”.
The net percentages for other factors” refer to further factors which were mentioned by banks as having contributed to changes in credit standards.
Latest observation: October 2022 BLS.
21
Pass-through of changes in market rates to lending and debt securities rates over time
(x-axis: time horizon; y-axis: percentages)
Sources: ECB (MIR, BSI), IHS Markit iBoxx and ECB calculations.
Notes: Estimates of lending rates pass-through are from Altavilla, C, F. Canova and Ciccarelli M., Mending the broken link:
Heterogeneous bank lending rates and monetary policy pass-through, Journal of Monetary Economics 2020, Volume 110, 2020, Pages 81-98.
22
Ratio between bonds and loans for firms in the euro area versus United States
(ratio of outstanding amounts)
Sources: ECB and Federal Reserve Board.
Latest observation: 2022 Q2.
23
Household debt: Euro area versus United States
(percentage over GDP)
June 2022
Historical average
Pre-Global Financial Crisis average
|
|
|
|
|
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90
80
70
60
50
40
30
US EA
Sources: ECB and Federal Reserve Board and Bureau of Economic Analysis.
Latest observation: 2022 Q2.
24
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