Banks across the currency bloc raised the bar on credit and reported weaker demand last quarter, the ECB's Bank Lending Survey said Tuesday. "Loan demand was primarily dampened by the general level of interest rates," the report noted, with "weaker demand for fixed investment among small and medium-sized enterprises and the move toward alternative sources of finance" adding a slight drag. Lenders cited higher perceived risks and a reduced tolerance for taking them as the main reasons standards tightened. Some also pointed to strains tied to unpredictable geopolitics and swings in energy prices. Arriving one day ahead of a two day policy gathering, the poll precedes a meeting where observers expect the ECB to leave rates unchanged.
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