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Record drop in Italian loans

Lending dropped 3.7% in October, 4.9% to businesses

09 December, 12:19
Record drop in Italian loans (ANSA) - Rome, December 9 - Bank loans to households and firms in recession-hit suffered a record fall in October, the Bank of Italy said Monday.

The central bank said loans to households and non-financial firms were 3.7% down, "the biggest drop on record".

It added that a 4.9% drop in loans to firms was a record drop too.

Loans to households were down 1.3% in October, the Bank of Italy said. The data is worrying sign as attempts to pull the Italian economy out of its longest recession in over 20 years will be hampered if families and businesses have trouble obtaining credit.

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