As nominal interest rates have been more or less flat, real interest rates seem to have been declining. Also in this regard, the QQE has been exerting its intended effects. B.
Increase in bank lending  Next, we have sometimes been presented with the view that, even though the Bank provides massive money to the financial markets, such money might not be channeled from financial institutions to firms and households. In relation to this, what I want to focus on is the development in bank lending.