Eurozone Credit Growth Remains Brisk Despite Gloomy Outlook

• Bank lending to eurozone companies held steady, maintaining the sector's biggest borrowing binge in over a decade, despite rising interest rates and a looming recession, European Central Bank data showed on Monday, November 28.
• Lending to businesses in the 19-country euro area expanded by 8.9% in October, unchanged from September when it rose to its highest rate since early 2009, fresh data showed. Household credit growth meanwhile slowed to 4.2% from 4.4%.
• The monthly flow of loans to companies, however, slowed sharply, to 24.0Bn euros from 36.6Bn a month earlier with the flow of short-term loans coming to a standstill.
• Growth in the M3 measure of money circulating in the eurozone, meanwhile slowed to 5.1% from 6.3%, coming below Reuters expectations of 6.2%.

(Source: Reuters)