The annual rate of change of loans to non-financial corporations (adjusted for loan sales and securitisation) was –2.5% in May 2014, compared with –2.8% in April. Lending to non-financial corporations continues to be weak, reflecting the lagged relationship with the business cycle, credit risk, credit supply factors and the ongoing adjustment of financial and non-financial sector balance sheets.
And I wish to add: look into the past only occasionally in order to remind ourselves of what we have lived through, what we have learned and done, while at the same time being constantly focused on future challenges. This is the recipe for success.