4  For an analysis of the possible economic implications of lower oil prices, see Institute of International Finance (2014), After the fall – Consequences of lower oil prices, December. 2  BIS central bankers’ speeches  Since the second quarter of 2014, moderate improvement has occurred, but with some softening in the third quarter.
Credit demand in the private sector continues to follow a downtrend mainly because firms are decreasing their business fixed investment while continuously reducing their debts. Amid these developments, private banks’ lending continues to decline by about 2-3 percent on a yearon-year basis. The year-on-year growth rate of the amount outstanding of corporate bonds issued is decreasing somewhat.