The importance of the cash flow channel is 2/5  BIS central bankers' speeches  reflected the reduction since 2008 in the interest payments by households by three percentage points of disposable income and the net interest payments by corporates by seven percentage points of gross operating surplus (Praet 2016).8 More generally, the positive impact of the accommodative monetary stance on macroeconomic prospects supports credit growth and thereby the capacity of banks to offset lower net interest margins through expanding volumes.
The relative importance of these different factors inevitably varies across individual banks and member countries, such that the aggregate picture may be obscured in analyses that have a narrow focus on particular countries or specific types of banks.