The growth rate was modest particularly for small enterprises and manufacturing industry; construction recorded an especially large slowdown. The fall in production and the uncertain  BIS Review 22/2009  5  cyclical outlook have depressed the demand for funds for fixed investment and working capital. Households’ demand for loans reflected the fall in housing market activity and purchases of durable goods.
In 2008 lending to the sector grew by 6 per cent, compared with increases of more than 10 per cent in the previous years. Personal loans continue to expand at a lively pace.