Although the banks’ short-term liquidity position continues to be in balance as a whole, it is affected by the persistence of strains, particularly on the wholesale markets, where fundraising has slowed markedly since the summer. The Bank of Italy continues to ask banks to maintain balanced liquidity positions; these positions undergo careful monitoring at weekly intervals by the Bank’s supervisory area.
Though diminishing, the rate of growth in lending to both households and firms remained higher in August than the rates for the euro area. In September the three-month growth came to 3.9 per cent on an annualized basis. However, surveys of firms find a tightening of lending standards and growing difficulty in obtaining credit.