In this environment, the premium charged for credit risk fell to low levels through the middle part of the decade (Figure 2). The growth in asset prices in the latter part of this period increased capacity for secured borrowing, adding further stimulus for credit growth. 2  BIS Review 11/2009  Figure 2.
Those were the economies that experienced the most serious distress in their financial sectors, and they were also the ones that required significant public-sector capital support for their banks. They also experienced severe recessions, from which they are still recovering.