The differences between the lending rates applied in the various parts of the country have also narrowed in the last four years after peaking in the second half of 1994. The difference between the rates on short-term lira loans in the North and the South is currently around 2 percentage points for non-financial companies and about 1.5 points for producer households.
To give but two figures, 30% of the outstanding volume of international debt securities were denominated in euro at the end of June 2000, and the euro-denominated issuance volume was roughly comparable to that in USD in the first quarter of 2000. Both sovereign and corporate borrowers are making use of the favorable financing conditions created by the introduction of the euro.