Notes: The BSI and BLS series on households refer to loans for house purchase. Loan growth is based on notional stocks. Loans are adjusted for seasonality and for sales, securitisation, and cash pooling activities. The latest observations are for the fourth quarter of 2021.
Chart 12 shows the time series of the average euro area lending rate, which incorporates the factors that banks consider when pricing a loan: the base rate (a term overnight interest swap rate), funding costs, credit risk and the cost of capital.