New lending is expected to be the main driver behind the pickup in overall lending volumes, which also encompass loan repayments and write-downs. Banks do not expect a substantial change in loan redemptions over the forecast horizon.
As for write-downs on loan portfolios, they do anticipate a rise in write-downs in Q4 2009 and H1 2010, but their mitigating impact on loan dynamics is expected to dissolve entirely in the second half of 2010.