On the counterpart side, there has been a further slight strengthening in the growth of loans to non-financial corporations, which rose to 0.8% in March, after 0.6% in February. The growth of loans to households was 3.4% in March, compared with 3.0% in February.
Looking ahead, it will be essential to establish a common fiscal backstop to ensure that the Single Resolution Fund has sufficient resources to support any necessary resolution measures taken by the Single Resolution Board.