The annual rate of change of loans to non-financial corporations (adjusted for loan sales and securitisation) was –3.1% in March, unchanged from February. Weak loan dynamics for nonfinancial corporations continue to reflect their lagged relationship with the business cycle, credit risk and the ongoing adjustment of financial and non-financial sector balance sheets.
The annual growth rate of loans to households (adjusted for loan sales and securitisation) stood at 0.4% in March 2014, broadly unchanged since the beginning of 2013. The April 2014 bank lending survey confirmed the stabilisation of credit conditions for loans to enterprises and households.