New loan applications that earlier would have been judged creditworthy, especially since the applications are now being based on a more cautious  BIS Review 56/2001  1  economic outlook, are nonetheless rejected, when in retrospect it will doubtless be those loans that would have been the most profitable to the bank.
The rapid rise largely reflected sharp increases in capital expenditures in the telecommunications, high-tech, and transportation industries that greatly outstripped the increases in internally-generated funds. However, the financing gap fell abruptly in 2001 and 2002, turned negative last year, and has stayed below zero since then.