January 21, 2020 / 9:06 AM / a month ago

Euro zone companies cut loan applications for first time in six years: ECB

FRANKFURT, Jan 21 (Reuters) - Euro zone companies unexpectedly cut their credit applications for the first time in six years last quarter despite a further reduction in the European Central Bank’s main interest rate, an ECB survey showed on Tuesday.

“Net demand for loans to enterprises declined in the fourth quarter of 2019 ... the first time this had been seen since the fourth quarter of 2013, whereas banks had expected it to remain stable overall,” the ECB said in its quarterly Bank Lending Survey.

“That decline in net demand was broadly based across a number of larger and smaller euro area countries.” (Editing by Andrew Heavens)

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