![Bank of Greece: Bank financing of the economy slightly reduced](https://www.ot.gr/wp-content/uploads/2023/02/ot_banking37.png)
As the Bank of Greece reports, the credit standards for loans to non-financial corporations (NFCs) remained unchanged in the first quarter of 2023. The terms and conditions remained also unchanged, while the overall demand for corporate loans decreased somewhat.
The credit standards for loans to households remained unchanged in the first quarter of 2023, whilst the terms and conditions for loans to households eased to some extent. The demand for housing loans decreased somewhat but remained almost unchanged for consumer credit.
Loans to non-financial corporations
In the first quarter of 2023, the credit standards for loans to non-financial corporations (NFCs) remained unchanged compared with the fourth quarter of 2022, in line with the expectations expressed in the previous quarterly survey round. Moreover, banks expect that credit standards will also remain unchanged during the second quarter of 2023.
The overall terms and conditions for loans to NFCs remained unchanged compared with the fourth quarter of 2022.
During the first quarter of 2023, the overall demand for loans and especially for short-term loans decreased to a small extent, driven mainly by the higher level of lending interest rates. During the next quarter, the overall demand for loans, especially for small and medium-sized enterprises, is expected to decrease further.
In the first quarter of 2023, the ratio of rejected applications for loans to NFCs remained unchanged compared with the previous quarter.
Loans to households
In the first quarter of 2023, the credit standards for loans to households remained unchanged compared with the fourth quarter of 2022, in line with the expectations expressed in the previous quarterly survey round. The terms and conditions for loans to households eased somewhat compared to the fourth quarter of 2022, mainly due to lower non-interest rate charges.
The demand for housing loans decreased to a small extent, driven mainly by the higher level of lending interest rates and the reduced consumer confidence. The demand for consumer credit remained almost unchanged (see Chart 2). During the next quarter, the overall demand for housing and consumer loans is expected to remain almost unchanged.
Banks expect that, during the second quarter of 2023, credit standards for housing and consumer loans will remain almost unchanged.
The ratio of rejected applications for loans to households decreased somewhat during the first quarter of 2023 compared with the previous quarter.
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