Money & Credit: Private Sector Lending by Eurozone MFIs July 27, 216 Dr. Edward Yardeni 516-972-7683 eyardeni@ Debbie Johnson 48-664-1333 djohnson@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www. blog. thinking outside the box
Table Of Contents Table Of Contents Eurozone Private Lending 1 Eurozone Private Lending (3-month) 2-4 Eurozone Private Lending (1-month) 5-7 Eurozone Private Lending (Germany) 8 Eurozone Private Lending (France & Spain) 9 Eurozone Private Lending (Italy & Netherlands) 1 Eurozone Private Lending (Greece & Ireland) 11 Eurozone Private Lending (Country Totals) 12 July 27, 216 / Money & Credit: Private Sector Lending by Eurozone MFIs www.
16 14 12 1 Figure 1. EUROZONE: PRIVATE SECTOR* LOANS OUTSTANDING AT MFIs** (trillion euros, sa) Total Private Sector (1.6) Households (including non-profit institutions) (5.4) Nonfinancial Corporations (4.3) Others*** (1.) Eurozone Private Lending 16 14 12 1 8 8 6 6 4 4 2 2 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 * Total Private Sector includes Households (including non-profit institutions), Nonfinancial corporations, Other financial intermediaries, insurance corporations, and pension funds. ** Monetary Financial Institutions (MFIs) exclude Euro System of Central Banks (ESCB) and Money Market Funds (MMFs). *** Others include other financial intermediaries, insurance corporations, and pension funds. 15 12 Figure 2. EUROZONE: PRIVATE SECTOR* LENDING BY MFIs** 15 12 9 6 Total Lending (-14.4) 9 6 3 3-3 -3-6 -6-9 24 25 26 27 28 29 21 211 212 213 214 215 216 217-9 * Total Private Sector includes Households (including non-profit institutions), Nonfinancial corporations, Other financial intermediaries, insurance corporations and pension funds. Page 1 / July 27, 216 / Money & Credit: Private Sector Lending by Eurozone MFIs www.
6 Figure 3. Eurozone Private Lending (3-month) EUROZONE: LENDING TO HOUSEHOLDS* BY MFIs** 6 4 Lending to Households (48.4) 4 2 2-2 24 25 26 27 28 29 21 211 212 213 214 215 216 217-2 * Households include non-profit institutions. Lending to Households include consumer credit, mortgages and other types of credit. 9 8 7 6 5 4 3 2 Figure 4. EUROZONE: LENDING TO NONFINANCIAL CORPORATIONS BY MFIs* Lending to Nonfinancial Corporations (34.) 9 8 7 6 5 4 3 2 1-1 -2-3 -4-5 -6 24 25 26 27 28 29 21 211 212 213 214 215 216 217 1-1 -2-3 -4-5 -6 * Monetary Financial Institutions (MFIs) exclude Euro System of Central Banks (ESCB) and Money Market Funds (MMFs). Page 2 / July 27, 216 / Money & Credit: Private Sector Lending by Eurozone MFIs www.
45 Figure 5. Eurozone Private Lending (3-month) EUROZONE: LENDING TO OTHERS* BY MFIs** 45 3 3 15 15-15 -3 Lending to Others (mostly financials) (-96.8) -15-3 -45 24 25 26 27 28 29 21 211 212 213 214 215 216 217-45 * Others include other financial intermediaries, insurance corporations and pension funds. 12 1 Figure 6. EUROZONE: CONSUMER CREDIT LENDING BY MFIs* 12 1 8 8 6 4 Lending to Consumers (-.8) 6 4 2 2-2 -2-4 -6 24 25 26 27 28 29 21 211 212 213 214 215 216 217-4 -6 * Monetary Financial Institutions (MFIs) exclude European System of Central Banks (ESCB) and Money Market Funds (MMFs). Source: Haver Analytics. Page 3 / July 27, 216 / Money & Credit: Private Sector Lending by Eurozone MFIs www.
5 45 4 35 3 25 2 15 Figure 7. Eurozone Private Lending (3-month) EUROZONE: HOUSEHOLD MORTGAGE LENDING BY MFIs* Mortgage Lending (63.2) 5 45 4 35 3 25 2 15 1 5-5 -1-15 -2 24 25 26 27 28 29 21 211 212 213 214 215 216 217 1 5-5 -1-15 -2 * Monetary Financial Institutions (MFIs) exclude European System of Central Banks (ESCB) and Money Market Funds (MMFs). Source: Haver Analytics. 15 12 Figure 8. EUROZONE: OTHER HOUSEHOLD LENDING BY MFIs* 15 12 9 Other Household Lending (-13.6) 9 6 6 3 3-3 -3-6 24 25 26 27 28 29 21 211 212 213 214 215 216 217-6 * Monetary Financial Institutions (MFIs) exclude European System of Central Banks (ESCB) and Money Market Funds (MMFs). Source: Haver Analytics. Page 4 / July 27, 216 / Money & Credit: Private Sector Lending by Eurozone MFIs www.
21 18 Figure 9. Eurozone Private Lending (1-month) EUROZONE: PRIVATE SECTOR* LENDING BY MFIs** (monthly change in outstanding loans, billion euros, saar) 21 18 15 15 12 9 Total Lending (-181.2) 12 9 6 6 3 3-3 -3-6 -6-9 -12 24 25 26 27 28 29 21 211 212 213 214 215 216 217-9 -12 14 12 1 Figure 1. EUROZONE: LENDING TO HOUSEHOLDS* BY MFIs** (monthly change in outstanding loans, billion euros, saar) Lending to Households (5.4) 14 12 1 8 8 6 6 4 4 2 2-2 -2-4 -6 24 25 26 27 28 29 21 211 212 213 214 215 216 217-4 -6 * Households include Non-Profit Institutions Serving Households (NPISHs). Lending to Households include consumer credit, mortgages and other types of credit. Page 5 / July 27, 216 / Money & Credit: Private Sector Lending by Eurozone MFIs www.
11 9 Figure 11. Eurozone Private Lending (1-month) EUROZONE: LENDING TO NONFINANCIAL CORPORATIONS BY MFIs* (monthly change in outstanding loans, billion euros, saar) 11 9 7 5 Lending to Nonfinancial Corporations (-19.2) 7 5 3 3 1 1-1 -3-1 -3-5 -5-7 -7-9 -11 24 25 26 27 28 29 21 211 212 213 214 215 216 217-9 -11 * Monetary Financial Institutions (MFIs) exclude Euro System of Central Banks (ESCB) and Money Market Funds (MMFs). 11 95 8 65 5 35 2 5-1 -25-4 -55-7 -85-1 -115-13 Figure 12. EUROZONE: LENDING TO OTHERS* BY MFIs** (monthly change in outstanding loans, billion euros, saar) Lending to Others (mostly financials) (-122.4) 24 25 26 27 28 29 21 211 212 213 214 215 216 217 11 95 8 65 5 35 2 5-1 -25-4 -55-7 -85-1 -115-13 * Others include other financial intermediaries, insurance corporations and pension funds. Page 6 / July 27, 216 / Money & Credit: Private Sector Lending by Eurozone MFIs www.
32 26 Figure 13. Eurozone Private Lending (1-month) EUROZONE: CONSUMER CREDIT LENDING BY MFIs* (monthly change in outstanding loans, billion euros, saar) 32 26 2 14 Lending to Consumers (21.6) 2 14 8 8 2 2-4 -4-1 24 25 26 27 28 29 21 211 212 213 214 215 216 217-1 * Monetary Financial Institutions (MFIs) exclude European System of Central Banks (ESCB) and Money Market Funds (MMFs). Source: Haver Analytics. 75 65 Figure 14. EUROZONE: HOUSEHOLD MORTGAGE LENDING BY MFIs* (monthly change in outstanding loans, billion euros, saar) 75 65 55 45 35 25 15 Mortgage Lending (31.2) 55 45 35 25 15 5-5 -15-25 -35-45 -55 24 25 26 27 28 29 21 211 212 213 214 215 216 217 5-5 -15-25 -35-45 -55 * Monetary Financial Institutions (MFIs) exclude European System of Central Banks (ESCB) and Money Market Funds (MMFs). Source: Haver Analytics. Page 7 / July 27, 216 / Money & Credit: Private Sector Lending by Eurozone MFIs www.
38 35 32 29 26 23 2 17 14 11 8 5 2-1 -4-7 -1-13 Figure 15. EUROZONE: OTHER HOUSEHOLD LENDING BY MFIs* (monthly change in outstanding loans, billion euros, saar) Eurozone Private Lending (Germany) Other Household Lending (.) 24 25 26 27 28 29 21 211 212 213 214 215 216 217 38 35 32 29 26 23 2 17 14 11 8 5 2-1 -4-7 -1-13 * Monetary Financial Institutions (MFIs) exclude European System of Central Banks (ESCB) and Money Market Funds (MMFs). Source: Haver Analytics. 2 15 Figure 16. GERMANY: PRIVATE SECTOR* LENDING BY MFIs** (quarterly change in outstanding loans, billion euros, saar) 2 15 1 5-5 -1 Q1 1 5-5 -1-15 -2-25 -3-35 -4-45 -5 Total Lending (6.1) 24 25 26 27 28 29 21 211 212 213 214 215 216 217-15 -2-25 -3-35 -4-45 -5 Page 8 / July 27, 216 / Money & Credit: Private Sector Lending by Eurozone MFIs www.
4 Figure 17. Eurozone Private Lending (France & Spain) FRANCE: PRIVATE SECTOR* LENDING BY MFIs** 4 3 3 2 2 1 1-1 -2 Total Lending (12.1) 24 25 26 27 28 29 21 211 212 213 214 215 216 217-1 -2 5 4 Figure 18. SPAIN: PRIVATE SECTOR* LENDING BY MFIs** (quarterly change in outstanding loans, billion euros, saar) 5 4 3 3 2 Total Lending (-163.4) 2 1 1-1 -1-2 Q1-2 -3-3 -4 24 25 26 27 28 29 21 211 212 213 214 215 216 217-4 Page 9 / July 27, 216 / Money & Credit: Private Sector Lending by Eurozone MFIs www.
5 4 Eurozone Private Lending (Italy & Netherlands) Figure 19. ITALY: PRIVATE SECTOR* LENDING BY MFIs** 5 4 3 3 2 2 1 1-1 Total Lending (2.6) -1-2 24 25 26 27 28 29 21 211 212 213 214 215 216 217-2 4 Figure 2. NETHERLANDS: PRIVATE SECTOR* LENDING BY MFIs** 4 3 Total Lending (-27.4) 3 2 2 1 1-1 -1-2 24 25 26 27 28 29 21 211 212 213 214 215 216 217-2 Page 1 / July 27, 216 / Money & Credit: Private Sector Lending by Eurozone MFIs www.
8 Figure 21. Eurozone Private Lending (Greece & Ireland) GREECE: PRIVATE SECTOR* LENDING BY MFIs** 8 6 6 4 4 2 2-2 -2-4 24 25 26 27 28 29 21 211 212 213 214 215 216 217-4 1 Figure 22. IRELAND: PRIVATE SECTOR CREDIT*: ALL CREDIT INSTITUTIONS 1 5 5-5 -5-1 24 25 26 27 28 29 21 211 212 213 214 215 216 217-1 Page 11 / July 27, 216 / Money & Credit: Private Sector Lending by Eurozone MFIs www.
3 Figure 23. Eurozone Private Lending (Country Totals) PRIVATE SECTOR* LENDING BY MFIs**:TOTAL LENDING (billion euros, sa) 3 25 Q1 25 2 2 15 15 Germany (2458.3) Q1 1 France (2167.6) Italy (1651.5) 1 Spain (1289.4) 5 24 25 26 27 28 29 21 211 212 213 214 215 216 217 5 * Private Sector includes Households (including non-profit institutions) and Non-financial Corporations. 12 Figure 24. PRIVATE SECTOR* LENDING BY MFIs**:TOTAL LENDING (billion euros, sa) 12 1 1 8 8 Greece (188.9) 6 Ireland (193.9) 6 Netherlands (1152.4) 4 4 2 2 24 25 26 27 28 29 21 211 212 213 214 215 216 217 * Private Sector includes Households (including non-profit institutions) and Non-financial Corporations. Page 12 / July 27, 216 / Money & Credit: Private Sector Lending by Eurozone MFIs www.
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