The latest Bank of Italy surveys show new, inexorable data that talk about how the economic crisis ended up influencing credit activity in our country. But they are also launching new signs of hope: the main credit institutions are gradually realizing how, only by offering more convenient conditions to their customers, can loan requests actually be restarted, especially with regard to families and businesses, or the types of loans customers most affected by economic depression.
Loans for any problems
Bankitalia starts from a pivotal point in its survey, or that the request for credit remains substantially weak. Italians no longer have confidence in their creditworthiness, lack of work and often even guarantees, making it impossible to access the credit that would be necessary, instead, not only to families but, above all, to small businesses, so badly hit by the crisis, to get back on track and try to reverse the course of events.
Faced with this weakness, the Bank of Italy points out that it is the banks themselves that are looking for a solution, with the second quarter of 2014 recording a loosening of the cords of the credit exchange. More expansive and less rigid criteria for access to loans, which concern, at least for companies, an improvement in what are forecasts of profit and financial capacity. As for families, on the other hand, more accessible loans and mortgages should mean a slight recovery in the real estate market, with many families still unable to access credit, which should allow them to obtain the purchase of first house.
The Bank of Italy’s future estimates of the nation’s economic future are prudent but optimistic. This is also reflected in the granting of mortgages with less costs for intermediaries and less fierce competition, a factor that leads banks to offer more accessible conditions especially for the purchase of their first home. It is clear that a substantial recovery in the demand for credit cannot take place before a general improvement in the economic conditions of families and businesses. If the demand for credit remains too weak, as was still the case in the first half of 2014, even the most accommodating measures of the banks could prove insufficient. But the criteria for accessing less stringent loans are certainly an encouraging sign to give new confidence to those who need an economic base for their company or the purchase of a property.