2009-09-09
Summary
Since FI began reporting in November 2008 on the effects of the stability measures, lending to the general public has increased despite decreased economic activity. In 2009, households were the driving factor in lending growth while corporate lending decreased. At the same time, interest rate levels decreased markedly and rates available to firms and households are now much lower than before the financial crisis.
In July, private lending rose at the same time as corporate lending continued to fall. The annual rate of corporate and private lending growth in July was 3.6 per cent and 7.9 per cent, respectively.
One of the effects that FI visualized last autumn was that the margin the banks take for both deposits and lending would not return to the low levels that were the case before the crisis. This is even the development that FI is seeing based on reports from the banks.
During the spring and summer, the conditions on the financial markets have improved. Credit premiums and liquidity premiums have fallen and the low interest rates have lowered the banks' financing costs. Market financing via bonds and commercial paper increased during the spring and summer. New issues with longer maturities increased during the summer. The Riksbank's lending with maturities of up to one year has also facilitated the banks' financing.
