Ernst & Young: Business crediting to shrink 4.8% in 2012, for consumers – 6.6%
2012-07-03 16:42:05
Business crediting in Europe will shrink 4.8% in 2012, while consumer loans will be reduced 6.6%. This would be the fastest pace of crediting shrinkage since the euro area was created, Ernst & Young said. According to the auditing company the forecast for 2013 was even darker, as the consequences from bad loans would still be felt around Europe. Not long ago Raiffeisen Research announced the peak of unserviced loans had been already reached on leading markets in Central and Eastern Europe (CEE). The share of non-performing loans in CEE has stabilised around 7% in 2011, while in Bulgaria by 31 March 2012 they marked the record share of 16.2%, the Klasa daily informs.