Euro-area banks reported their strongest deterioration in retail-funding access since 2011 in a European Central Bank survey released Oct. 27, adding evidence of tighter financing before the central bank’s Oct. 29 policy decision. The bank lending survey put the net balance reporting worse access at 9% in the third quarter, up from 3% in the second. The ECB still described the deterioration as moderate. The measure compares responses reporting deterioration with those reporting easing. Banks said higher lending rates were the main reason corporate loan terms tightened. Funding costs and balance-sheet constraints also contributed to tougher terms.
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