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International lending edges up on ECB action to calm markets
INTERNATIONAL lending edged up in the first quarter of this year, according to a report out today from the Bank of International Settlements (BIS).
However, total levels remain below those in 2008, indicating the economy is still recovering from the financial crisis. Cross-border lending rose by $126bn (£77.7bn) or 0.4 per cent in the quarter.
International lending to Eurozone banks rose by $95bn or 1.7 per cent, largely on European Central Bank action in the quarter – but not all benefitted equally. Flows to Germany surged by $271bn or 26 per cent, while cross-border lending to banks in Ireland, Italy, Spain, Portugal and Greece decreased, indicating the crisis remains essentially unresolved despite some central bank help.