So, it is not yet possible to compare these data over time, and hence, makes it difficult to assess whether the bank loan rejection rates indeed indicate severe supply constraints. In fact, even at times of sound economic growth, some bank loan applications will be rejected, for instance owing to the lack of a convincing business plan.
Nevertheless, the survey has also shown that 43% of euro area SMEs that had applied for a bank loan reported a deterioration in the availability of loans in the first half of 2009. This seems, in particular, point to increases in charges, fees and commissions or tighter procedures, collateral requirements and other types of required guarantees.