Eurozone Bank Lending Growth Accelerated in July: ING Research Report

Eurozone bank lending growth accelerated in July to 3.1% for households and 4.4% for non-financial corporates. The data indicates that ECB rate hikes have not yet constrained bank credit, supporting continued moderate economic growth in the second half of the year.

Key Takeaways

• 1.Eurozone bank lending growth accelerated in July across both households (3.1% YoY) and non-financial corporates (4.4% YoY).
• 2.Initial ECB rate hikes have not yet slowed bank lending transmission, although tighter financial conditions and an expected 25 bp hike next month may soften loan demand later in the year.
• 3.Eurozone economic resilience remains intact, supporting expectations of continued moderate GDP growth in 2H.

Table of Contents

• Eurozone bank lending growth accelerated in July
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Snap is shown in chronological order through this edition, published on August 27, 2026.

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