Loans to industrial and commercial companies, adjusted for certain strictly financial operations, increased by 6.8% over one year, after 5.8% in May and 5.2% in April.
The growth of loans granted by banks in the euro zone to companies accelerated again in June, before an expected correction in the wake of the rise in interest rates, the European Central Bank (ECB) said on Wednesday.
Loans to industrial and commercial companies, adjusted for certain strictly financial transactions, increased by 6.8% over one year, after 5.8% in May and 5.2% in April, according to a press release.
Growth is particularly strong (14%) for loans with a duration of less than one year.
Companies are knocking on the doors of banks to finance their operating costs, which have been increased by the rise in energy and raw material prices.
Loans granted to households, including loans for consumption and housing, for their part kept an unchanged growth rate of 4.6% in June, as in the two previous months.
Overall, adjusted loans to the private sector climbed 6.1%, double the score posted a year ago and the highest value recorded since January 2009 (6.3%).
Growth in the M3 money supply, at 5.7%, continues to decline after the peak at the end of 2020 (+12%) while public aid linked to the effects of the Covid-19 pandemic is less in demand.
The M3 aggregate is used by the ECB as a leading indicator of inflation, including cash in circulation, loans over two years as well as household and corporate deposits.
Despite a slower rate of money supply creation, inflation in the eurozone hit a record high of 8.6% in June, driven by soaring energy and commodity prices against a backdrop of war in Ukraine.
Determined to bring the aggregate back to 2%, the ECB decided last Thursday on a first increase in key rates of 0.50 percentage point, before other increases which will take place depending on the evolution of the economy.
This means that banks are expecting a “significant decrease” in demand for loans in the third quarter, both on the business side and for the purchase of homes, according to a recent ECB survey.