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The figure for Italy was slightly better than the euro area average, while Spanish SMEs were much more negative in their assessment of their access to bank loans. A similar picture emerges when investigating the success of applications for bank loans. While Spanish SMEs reported a lower success rate, French firms reported the highest, followed by Germany and Italy. In sum, comparing the data on bank loans with the results of the survey on SMEs, it is possible to conclude that the modest growth in bank loans granted to the non-financial private sector in recent months is mainly due to the weak macroeconomic conditions. However, it has also been affected to some extent by supply-related factors, which have had a negative impact on bank lending conditions. Some forward-looking considerations Let me finally turn to some forward-looking considerations and the role that monetary policy can play. According to the forecasts of the main international organisations, the economic recovery is likely to proceed gradually and unevenly, in a context of continued high uncertainty and possible further deleveraging on the part of banks. Further ahead, as the economic recovery strengthens, banks should be in a position to enhance their capital ratios, thereby increasing their capacity to provide loans. I would like to refer in this respect to the latest guidelines of the Basel Committee with regard to capital requirements and the implementation of Basel II. Regulatory capital requirements are central to our discussion, as there are clear links between banks’ capital management, the loan-granting process and credit supply.