The Credit Constraint Indicator for German trade and industry fell again this month, reaching a new historical low. Only 19.5% of the companies surveyed reported a restrictive credit policy on the part of banks. This result is once again 0.8 percentage points lower than last month’s figure. Favourable refinancing opportunities continue to represent a pillar of positive economic development in Germany.
In manufacturing credit constraints continued to fall for companies of all sizes. For large companies they fell by 1.7 percentage points to 17.2%. Only 16.5% of medium-sized manufacturers reported restrictive access to bank loans. In the small-firm category credit constraints fell to 20.8%.
In construction credit constraints decreased by 1.6 percentage points to 26%. In trade credit constraints dropped minimally, with 18.6% of traders reporting restrictive access to bank loans.
Hans-Werner Sinn President of the Ifo Institute
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Legend: The credit constraint indicator is based on ca. 4,000 responses of firms in industry and trade from the sectors manufacturing, construction, wholesaling and retailing. The firms are asked to respond to the following question: “How would you assess the current willingness of banks to extend credit to businesses”? The answers to choose from are “accommodating”, “normal” and “restrictive”. The credit constraint is calculated from the percentages of the responses to the last of the three categories. For the compilation of the credit constraint indicator for German industry and trade, the percentage shares from manufacturing, construction and retailing and wholesaling are weighted with the average credit volume of these sectors in 2005.
Kunkel, André, "Kreditklemme: Gefahr erkannt, Gefahr gebannt?", ifo Schnelldienst 63 (09), 2010, 32-36 ( Abstract )
Abberger, Klaus, Christa Hainz and André Kunkel, "Kreditvergabepolitik der Banken: Warum leiden große Unternehmen besonders?", ifo Schnelldienst 63 (14), 2009, 32-34 ( Download )
Kunkel, André and Klaus Abberger, "Unternehmen berichten über restriktivere Kreditvergabe der Banken", ifo Schnelldienst 62 (07), 2009, 30-32 ( Abstract )
Abberger, Klaus and Kunkel, André, "Unternehmen leiden kaum unter Finanzierungsschwierigkeiten durch die Finanzmarktkrise", ifo Schnelldienst 61 (09), 2008, 29-31 ( Abstract / Download )
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