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August 27, 2016

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Loans to eurozone private sector rise

LOANS to the private sector in the eurozone edged up slightly in July, European Central Bank data showed yesterday, in welcome news for the ailing area.

For the ECB, the data are a key indicator of the economic health of the single currency area, as borrowing is a main financing source for corporate investment which in turn should boost the eurozone’s currently weak economy.

In July, approved loans rose 1.3 percent from a year ago, slightly faster than growth of 1.2 percent in June, an ECB statement said.

When certain strictly financial transactions are stripped out, the growth in loans also rose, with credit for households and companies up 2 percent in July after a rise of 1.9 percent in June.

The ECB has launched policy measures to get credit flowing, most significantly a big program to buy public sector bonds to pump liquidity into the system.

The ECB beefed up that program earlier this year and also launched a scheme of ultra-cheap loans to banks on condition they lend them on to households and businesses.


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