Economic slowdown depressing demand for loans – ABI – English

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(ANSA) – ROME, NOV 15 – Italian banking association ABI said
in a report on Wednesday that economic growth is slowing in
Italy and this is depressing demand for loans.


It said loans to businesses and households were down by 3.6% in
October compared to the same month last year.


ABI stressed that “‘there is no credit crunch” and that loans
remained above pre-Covid level of September 2019.


It said that mortgage rates had stayed on upward trend in Italy
after the ECB’s hikes.


ABI said the average mortgage rate in October was 4.37%, up from
4.21% in September.


It said the average rate on a business loan went from 5.35% to
5.45%. (ANSA).