1  See European Central Bank, “Survey on the access to finance of small and medium-sized enterprises in the euro area”, September 2009. BIS Review 3/2010  3  Experience shows that loans to non-financial corporations recover with some lag vis-à-vis the turning point in the economic cycle.
As I mentioned, the latest available information indicates that the economic recession in the euro area ended in the third quarter of 2009. Therefore, it can be expected that corporate loan growth will continue to decelerate in the first few months of this year.