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Outlook brightens for Eurozone lending

Business, consumer and residential mortgage loans

EY has said that lending in the Eurozone is poised for a recovery this year, with business, consumer and residential mortgage loans all forecast to rise for the first time since the depths of the credit crunch in 2008. Boosted by the fall in oil prices, lending by banks across the single currency bloc is expected to reach a 'turning point' this year according to the accountancy firm. Business loans will rise by 1.2% to Eur4,329bn, marking the first increase in four years, while consumer credit will increase by 1.6% to Eur573bn. Residential mortgage loans will touch a new record of Eur3,930bn, up 1.9% on last year. Andy Baldwin of EY said: 'It's taken six years to create the conditions to kick-start growth in the Eurozone, but all the levers you can pull to stimulate demand have now been pulled, and there's the additional stimulus of lower energy prices.'

 

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