Furthermore, based on the past regularities, the current levelling-off of household loans would normally be associated with a further contraction in loans to corporations until at least early 2010. This  BIS Review 103/2009  3  contraction will presumably be stronger than that for loans to households, as troughs in loan growth to non-financial corporations are usually deeper than those for household loans.
To shed some more light on this finding, let me first mention that the historical evidence suggests that real loans to households tend to lead real GDP growth by about a quarter, while loans to non-financial corporations lag real GDP developments by around three quarters.