Loans: businesses continue to surge ahead – up 4.2 per cent in August
Lending to households is also on the rise (+3.7 per cent). Mortgage rates have risen to 3.99 per cent (3.81 per cent in July)
Key points
The surge in lending continues, particularly in the case of loans to businesses, which rose by 4.2 per cent in August (compared with +4.1 per cent in July). This is according to the statistics published in the Bank of Italy’s *Banca e Moneta* report.
Loans to households up by 3.7 per cent
In August, total loans rose by 3.7 per cent year-on-year (3.5 per cent in the previous month). Loans to households rose by 2.9 per cent (2.6 per cent in the previous month). Private sector deposits rose by 1.8 per cent (2.4 per cent in the previous month). Bond issuance rose by 5.9 per cent (5.6 per cent in the previous month)
Mortgage rates rise to 3.99 per cent, whilst business rates fall
In August, the Annual Percentage Rate (APR) on new loans to households for the purchase of homes stood at 3.99 per cent (3.81 per cent in the previous month); the proportion of these loans with an initial fixed-rate period of up to one year was 23.9 per cent (29.0 per cent in the previous month). The APR on new consumer credit disbursements stood at 10.78 per cent (10.38 per cent in the previous month).
Interest rate on business loans at 3.71%
Interest rates on new loans to non-financial companies stood at 3.71 per cent (3.79 per cent in the previous month), those for amounts up to €1 million stood at 4.40 per cent, whilst rates on new loans exceeding that threshold stood at 3.30 per cent. Interest rates on outstanding deposits as a whole stood at 0.69 per cent (unchanged from the previous month).
