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US: Lowest bank tightening in C and I loans since the onset of recession
Tue, Nov 10 2009, 09:50 GMT
by Economic and Strategy Team
The just-released Senior Loan Officer Survey on bank lending practices showed the percentage of U.S. banks tightening standards for large and medium commercial and industrial loans fell significantly from 31.5% in July to 16.1% in October, i.e. the lowest level since the onset of recession. Of course, the percentage is higher for commercial real estate but it only reflects the backwardness of activity in this sector. As today’s Hot charts shows, this survey is not a leading indicator of the cycle in the sense that banks do not need to ease their lending practices for the economy to emerge from recession. The percentage of tightening for C&I loan is similar to the last two recovery episodes and does not seem to be an obstacle to a pick up in activity. Interestingly, more banks are reporting stronger demand for residential mortgage loans, a clear sign that the Fed aggressive monetary policy is increasingly effective.
Published on Tue, Nov 10 2009, 09:51 GMT
National Bank of Canada
| 1100 University, 11th floor Montreal (Québec) H3B 2G7
http://www.nbc.ca/ | info@nbc.ca
Legal disclaimer and risk disclosure
This presentation may contain certain forward-looking statements about the 2009 Economic and Financial Outlook. Such statements are subject to risk and uncertainties. Actual results may differ materially due to a variety of factors, including legislative or regulatory developments, competition, technological change and economic conditions in Canada, North America or internationally. These and other factors should be considered carefully and readers should not rely unduly on National Bank of Canada’s forward-looking statements. This presentation may not be reproduced in whole or in part, or further distributed or published or referred to in any manner whatsoever, nor may the information, opinions or conclusions contained in it be referred to without in each case the prior express consent of National Bank.Related reports
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