They continue to reflect the lagged relationship with the business cycle, credit risk, credit supply factors, 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) increased to 1.4% in May 2015, after 1.3% in April.
And the financial system is much safer as a result. But there are still some important elements that remain to be completed, and we need to get these across the finish line.