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ECB's Nowotny says credit not become cheaper yet

Sun Oct 19, 2008 5:47am EDT

VIENNA, Oct 19 (Reuters) - European Central Bank (ECB) Governing Council member Ewald Nowotny said on Sunday the ECB's last rate cut had not yet made credit cheaper, but that this would happen in the medium term.

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"There is a delay. I believe that credit will become cheaper in the medium term, but currently we are still in a period of significant uncertainty," Nowotny said in an interview with Austrian state TV broadcaster ORF.

"Therefore this rate cut clearly has not yet had its full impact," he said in the live interview. (Reporting by Boris Groendahl, editing by Will Waterman)

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