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Italy : Italy: banks amid health crisis

The health crisis naturally impacts the activities of Italian banks. However, the latter ability to absorb losses has significantly improved in recent years.

European Union : Southern Europe: sharp increase in the cost of risk

The cost of risk of southern European banks sharply increased in the first quarter of 2020. The forward-looking approach followed by the impairment model for financial assets introduced by IFRS9 explains, to a large extent, the magnitude of the phenomena.

Eurozone : Lending trends in the euro zone: The coronavirus pandemic has led to an unprecedented rise in demand for credit from companies, but has hit demand from households

Lending momentum in the euro zone recovered strongly in March 2020, with an increase of 1.6% from a 0.4% fall in February. Against a background of negative GDP growth in the first quarter (-3.3% Q/Q-4 from +1.0% Q/Q-4 the fourth quarter of 2019), conditions in March were severely affected by the lockdown measures introduced by national governments over the month [...]

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France : The new government-guaranteed loan in France

French banks may grant up to EUR 300 billion of government-guaranted loans (‘Prêts garantis par l’Etat’, or PGE) until December 31, 2020. This instrument, which is of an unprecedented scale, is dedicated to helping companies overcome cash-flow difficulties resulting from the coronavirus crisis.

Eurozone : Euro zone credit trends: lending to non-financial companies (NFCs) weaker than consumer lending in November and December 2019

Credit impulse in the euro zone stabilised in December 2019 (up 0.3%, as in November) against a background of a slight slowing of real GDP growth in the fourth quarter (1.0% from 1.2% in the third quarter). Outstanding bank lending to the private sector maintained its pace of growth in December (up 3.7% year-on-year). For the second month in a row, growth in lending to NFCs was less than that in lending to consumers. The slowdown in growth in lending to NFCs (where the year-on-year figure fell from 3.8% in October to 3.2% in December) was due mainly to lower investment spending (in France, Germany and most particularly Spain). This was in part offset by strong growth in consumer loans (from 3.5% to 3.7%). For the first time since 2013, more banks are expecting demand for credit from NFCs to slow (first quarter 2020). In contrast, expected demand for consumer mortgages remains strong, driven by low interest rates, particularly in France.

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Germany : Does the support of an IPS constitute state aid?

The European commission's decision on the support plan for NordLB is expected in the next few days. This offers, for the first time, an opportunity to question the coherence of European state aid rules and the existence of IPS with state-owned members.

Eurozone : Sharp decline in credit impulse for non-financial corporations

The credit impulse has declined in September, moderately for households and much more noticeably for non-financial corporations (NFC). For the latter, the credit impulse has hit its lowest level since the beginning of the asset purchases programme by the ECB at the start of 2015. These movements contrast with the stability of GDP growth in the third quarter in the Eurozone (with a year-on-year rate of 1.2%, like in the second quarter). They almost exclusively involve loans with a maturity of less than one year, which is mainly related to destocking behaviour. For the fourth quarter of 2019, banks interrogated by the ECB anticipate a continued moderation of demand by NFCs and an intensification of demand for housing loans by households.

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United Kingdom : United Kingdom: credit bank supports bank's activities at the price of a slight increase in risk

The outstanding amount of mortgages granted to households continues to grow at a relatively dynamic pace in a context of rather low interest rates, which is accompanied by a slight increase in risk. The latter seems however for the moment mastered.

Global : The new crypto-currency "Libra" project

The new cryptocurrency project – Libra – which Facebook plans to launch in 2020 raises several questions and requires an appropriate response from the regulator.

Eurozone : Accelerate the cleaning up of European banks' balance sheet

By setting a deadline for certain banks to align the coverage ratio of their stock of non-performing exposures with that of their flow, the ECB is pushing such banks to accelerate the cleaning up of their balance sheets.

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