Purchasing

• and WABASH, Ind., Jan. 25, 2024 /PRNewswire/ -- Beacon Credit Union and Mid-Southern Bancorp, Inc. ("Mid-Southern Bancorp") (OTCQX: MSVB), the holding company for Mid-Southern Savings Bank, FSB ("Mid-Southern Bank"), announced today that Beacon Credit Union, Mid-Southern Bancorp and Mid-Southern Bank have signed a definitive purchase and assumption agreement whereby Beacon Credit Union will acquire substantially all of the assets and assume substantially all of the liabilities (including all of the deposit account liabilities) of Mid-Southern Bank in an all-cash transaction (the "P&A Transaction").
• The parties have the right to terminate the purchase and assumption agreement if the Purchase Price is less than $36,198,789.
• "We're excited to bring the benefits of Beacon Credit Union to Mid-Southern Savings Bank's customers and communities" stated Dustin Cuttriss, Beacon Credit Union President and CEO.
• Barnes & Thornburg LLP is serving as legal counsel to Beacon Credit Union and Donnelly Penman & Partners is serving as financial advisor to Beacon Credit Union.

• = 1 Overview of results =
  In the January 2024 bank lending survey (BLS), euro area banks moderately tightened their credit standards further for loans or credit lines to enterprises in the fourth quarter of 2023 (net percentage of banks of 4%; see Overview table).
• At the same time, banks expect further net tightening for the first quarter of 2024 (9%).
• While the slight tightening in the housing loan segment was driven by smaller euro area countries, credit standards in consumer credit tightened across the four largest euro area economies.
• Firms’ net demand for loans continued to decrease markedly in the fourth quarter of 2023 (net percentage of -20%; see Overview table).
• In the fourth quarter of 2023, banks reported a further net increase in the share of rejected applications across all loan segments.
• - Banks reported that the decline in excess liquidity in the Eurosystem in the second half of 2023 had only a limited impact on bank lending conditions.

Overview table

• The main purpose of the BLS is to enhance the Eurosystem’s knowledge of bank lending conditions in the euro area.
• In addition, BLS time series data are available on the ECB’s website via the ECB Data Portal.
• A copy of the BLS questionnaire and a glossary of BLS terms can also be found on the ECB's website.

2.1 Credit standards tightened moderately further

• Euro area banks moderately tightened their credit standards further for loans or credit lines to enterprises in the fourth quarter of 2023 (net percentage of banks of 4%; see Chart 1 and Overview table).
• The tightening in the fourth quarter was driven by banks in Germany and several smaller euro area countries, while banks in the other three largest euro area economies reported unchanged credit standards.
• [5] By contrast, while banks had reported a lower risk tolerance in previous quarters, contributing to tighter credit standards, banks did not further revise their risk tolerance in the fourth quarter.
• According to the banks surveyed, competition had a neutral impact in net terms on credit standards in the fourth quarter of 2023.

Chart 1

• Net percentages are defined as the difference between the sum of the percentages of banks responding “tightened considerably” and “tightened somewhat” and the sum of the percentages of banks responding “eased somewhat” and “eased considerably”.
• The net percentages for “other factors” refer to an average of the further factors which were mentioned by banks as having contributed to changes in credit standards.

Chart 2

• Changes in credit standards applied to the approval of loans or credit lines to SMEs and large enterprises, and contributing factors
  (net percentages of banks reporting a tightening of credit standards and contributing factors)

  Note: See the notes to Chart 1.

• In the first quarter of 2024, euro area banks expect further net tightening for loans to firms (net percentage of 9%).

Table 1

Factors contributing to changes in credit standards for loans or credit lines to enterprises
(net percentages of banks)
Country
Cost of funds and balance sheet constraints
Pressure from competition
Perception of risk
Banks’ risk tolerance
Q3 2023
Q4 2023
Q3 2023
Q4 2023
Q3 2023
Q4 2023
Q3 2023
Q4 2023
Euro area
3
0
0
0
11
9
4
1
Germany
1
0
0
0
8
3
3
0
Spain
6
0
0
0
8
0
8
0
France
8
0
0
3
11
11
0
0
Italy
0
-3
0
0
21
12
9
0
Note: See the notes to Chart 1.

2.2 Terms and conditions tightened moderately further

• Banks’ overall terms and conditions for new loans to enterprises tightened moderately further (net percentage of 4%; see Chart 3 and Table 2).
• Banks reported a moderate further net tightening of overall terms and conditions for loans to both SMEs and large firms (net percentage for both at 4%; see Chart 4).
• Instead, margins on average loans had a broadly neutral impact on overall terms and conditions for both loans to SMEs and large firms.

Chart 3

• “Other terms and conditions” is the unweighted average of “non-interest rate charges”, “size of the loan or credit line”, “loan covenants” and “maturity”.
• Risk perceptions, related to the economic outlook and the situation of firms, continued to have the largest tightening impact on terms and conditions.

Table 2

Changes in terms and conditions on loans or credit lines to enterprises
(net percentages of banks)
Country
Overall terms and conditions
Banks’ margins on average loans
Banks’ margins on riskier loans
Q3 2023
Q4 2023
Q3 2023
Q4 2023
Q3 2023
Q4 2023
Euro area
8
4
3
-1
11
4
Germany
13
10
3
3
10
6
Spain
25
8
25
8
25
8
France
8
8
8
8
17
0
Italy
9
-27
-18
-36
0
-9
Note: See the notes to Chart 3.

Chart 4

Changes in terms and conditions on loans or credit lines to SMEs and large enterprises
(net percentages of banks reporting a tightening of terms and conditions)

Note: See the notes to Chart 3.

Table 3

Factors contributing to changes in overall terms and conditions on loans or credit lines to enterprises
(net percentages of banks)
Country
Cost of funds and balance sheet constraints
Pressure from competition
Perception of risk
Banks’ risk tolerance
Q3 2023
Q4 2023
Q3 2023
Q4 2023
Q32023
Q4 2023
Q3 2023
Q4 2023
Euro area
4
1
-4
-2
13
10
6
5
Germany
3
1
-1
1
10
9
6
3
Spain
6
3
0
0
14
0
8
0
France
6
0
0
-3
8
17
0
8
Italy
3
0
-18
-12
24
3
18
0
Notes: The net percentages for these questions relating to contributing factors are defined as the difference between the percentage of banks reporting that the given factor contributed to a tightening and the percentage reporting that it contributed to an easing. See the notes to Chart 1.

2.3 Rejection rates increased

• The net share of rejected loan applications has increased every quarter since the start of the ECB policy rate hikes in July 2022.
• Compared with the third quarter of 2023, the net increase in the share of rejected loan applications rose again.

Chart 5

Changes in the share of rejected loan applications for enterprises
(net percentages of banks reporting an increase)

Notes: Share of rejected loan applications relative to the volume of all loan applications in that loan category. The breakdown by firm sizes was introduced in the first quarter of 2022.

2.4 Net demand for loans continued to decrease markedly

• Euro area firms’ net demand for loans continued to decrease markedly in the fourth quarter of 2023 (net percentage of -20%; see Chart 6).
• In addition, demand for long-term loans (net percentage of -22%; see next paragraph) declined more strongly than demand for short-term loans (net percentage of -11%).

Chart 6

• Net percentages for the questions on demand for loans are defined as the difference between the sum of the percentages of banks responding “increased considerably” and “increased somewhat” and the sum of the percentages of banks responding “decreased somewhat” and “decreased considerably”.
• The net percentages for the “other factors” refer to an average of the further factors which were mentioned by banks as having contributed to changes in loan demand.

Chart 7

• Changes in demand for loans or credit lines to SMEs and large enterprises, and contributing factors
  (net percentages of banks reporting an increase in demand, and contributing factors)

  Note: See the notes to Chart 6.

• The higher interest rate environment and declining fixed investment remained the main drivers of the net decrease in loan demand (see Chart 6 and Table 4).
• For both SMEs and large firms, the general level of interest rates and firms’ financing needs for fixed investment were the main drivers of reduced loan demand (see Chart 7).

Table 4

• The expected net increase is related to banks’ expectations for long-term loan demand, while short-term loan demand is expected to remain unchanged.
• While banks’ expectations for long-term loan demand tend to predict actual developments more accurately than those for short-term loan demand, banks had underestimated the steep net decrease in long-term loan demand in 2023.

3.1 Credit standards tightened somewhat further

• Euro area banks reported a small further net tightening of credit standards on loans to households for house purchase (net percentage of banks at 2%).
• This tightening of credit standards followed six quarters of substantial cumulative tightening, which has contributed to the drag on loan growth.

Chart 8

• The net percentages for “other factors” refer to an average of the further factors which were mentioned by banks as having contributed to changes in credit standards.
• Banks’ higher risk perceptions were the main factor driving the net tightening of credit standards on housing loans (see Chart 8 and Table 5).
• Banks’ risk tolerance, competition as well as banks’ cost of funds and balance sheet constraints had a broadly neutral impact.

Table 5

Factors contributing to changes in credit standards for loans to households for house purchase
(net percentages of banks)
Country
Cost of funds and balance sheet constraints
Pressure from competition
Perception of risk
Banks’ risk tolerance
Q3 2023
Q4 2023
Q3 2023
Q4 2023
Q3 2023
Q4 2023
Q3 2023
Q4 2023
Euro area
1
1
-1
-1
9
3
6
1
Germany
0
2
0
-2
4
-1
0
0
Spain
3
0
0
0
13
0
20
0
France
3
0
0
0
7
0
0
0
Italy
0
0
-5
0
12
3
18
0
Note: See the notes to Chart 8.

3.2 Terms and conditions eased somewhat

• While overall terms and conditions eased, margins on average loans remained broadly unchanged and margins on riskier loans continued to widen, exerting tightening pressure on terms and conditions.
• For the euro area net percentage, banks mentioned (in “other terms and conditions”) that loan-to-value ratios tightened somewhat, while other loan size limits eased.

Chart 9

• “Other terms and conditions” is the unweighted average of “loan-to-value ratio”, “other loan size limits”, “non-interest rate charges” and “maturity”.
• The net percentages for “other factors” refer to an average of the further factors which were mentioned by banks as having contributed to changes in terms and conditions.

Table 6

• Banks reported competition as contributing to the net easing of overall terms and conditions, outweighing a tightening impact of cost of funds and balance sheet constraints (see Table 7).
• Some French banks also referenced the increase in mortgage rates as exerting tightening pressure on terms and conditions.

Table 7

Factors contributing to changes in overall terms and conditions on loans to households for house purchase
(net percentages of banks)
Country
Cost of funds and balance sheet constraints
Pressure from competition
Perception of risk
Banks’ risk tolerance
Q3 2023
Q4 2023
Q3 2023
Q4 2023
Q3 2023
Q4 2023
Q3 2023
Q4 2023
Euro area
19
7
-10
-13
6
0
3
1
Germany
4
0
-18
-7
11
0
4
4
Spain
10
10
0
0
10
0
10
0
France
60
20
-10
-20
0
0
0
0
Italy
9
0
-18
-45
9
9
9
9
Note: The net percentages for these questions relating to contributing factors are defined as the difference between the percentage of banks reporting that the given factor contributed to a tightening and the percentage reporting that it contributed to an easing.

3.3 Rejection rates increased

Banks reported a further net increase in the share of rejected applications for housing loans (net percentage of 6%; see Chart 10). The increase remains slightly above the long-run average of 5% (since the first quarter of 2015), albeit lower than in the previous quarter (12%). The net share of rejected loan applications has increased every quarter since the start of the ECB policy rate hikes in July 2022.

Chart 10

Changes in the share of rejected loan applications for households
(net percentages of banks reporting an increase)

Note: Share of rejected loan applications relative to the volume of all loan applications in that loan category.

3.4 Net demand for loans decreased strongly

• The net decrease in demand for housing loans remained substantial in the fourth quarter of 2023 but was lower than earlier in the year (net percentage of -26%, after ‑45% in the previous quarter; see Chart 11 and Overview table).
• The decrease in demand was stronger than anticipated by banks in the previous quarter (net percentage of -11%) and played out across the four largest euro area economies.

Chart 11

• The net percentages for the “other factors” refer to an average of the further factors which were mentioned by banks as having contributed to changes in loan demand.
• Housing loan demand declined primarily due to high interest rates, as well as weakening housing market prospects and low consumer confidence (see Chart 11 and Table 8).
• Similarly, consumer confidence and housing market prospects had a smaller, but still sizeable negative impact in the fourth quarter of 2023.

Table 8

Factors contributing to changes in demand for loans to households for house purchase
(net percentages of banks)
Country
Housing market prospects
Consumer confidence
Other financing needs
General level of interest rates
Use of alternative finance
Q3 2023
Q4 2023
Q3 2023
Q4 2023
Q3 2023
Q4 2023
Q3 2023
Q4 2023
Q3 2023
Q4 2023
Euro area
-32
-23
-30
-20
-2
-2
-60
-39
-4
-3
Germany
-21
-21
-11
-14
-5
-2
-46
-18
-1
2
Spain
-20
-10
-20
-20
0
0
-60
-30
-13
-3
France
-50
-40
-50
-20
0
-5
-80
-60
-7
-10
Italy
-27
-9
-36
-36
-5
-9
-55
-55
0
0
Note: See the notes to Chart 11.
= 4 Consumer credit and other lending to households =

4.1 Credit standards tightened further

• Banks reported a further net tightening of credit standards on consumer credit and other lending to households (net percentage of 11%; see Chart 12 and Overview table).
• Increased risk perceptions and banks’ lower risk tolerance mainly contributed to the net tightening of credit standards for consumer credit (see Chart 12 and Table 9).
• In the first quarter of 2024, euro area banks expect a further net tightening of credit standards for consumer credit and other lending to households (net percentage of 11%), especially in Germany.

Chart 12

• Changes in credit standards applied to the approval of consumer credit and other lending to households, and contributing factors
  (net percentages of banks reporting a tightening of credit standards, and contributing factors)

  Notes: See the notes to Chart 1. “Cost of funds and balance sheet constraints” is the unweighted average of “banks’ capital and the costs related to banks’ capital position”, “access to market financing” and “liquidity position”; “Risk perceptions” is the unweighted average of “general economic situation and outlook”, “creditworthiness of consumers” and “risk on the collateral demanded”; “competition” is the unweighted average of “competition from other banks” and “competition from non-banks”.

• The net percentages for “other factors” refer to an average of the further factors which were mentioned by banks as having contributed to changes in credit standards.

Table 9

Factors contributing to changes in credit standards for consumer credit and other lending to households
(net percentages of banks)
Country
Cost of funds and balance sheet constraints
Pressure from competition
Perception of risk
Banks’ risk tolerance
Q3 2023
Q4 2023
Q3 2023
Q4 2023
Q3 2023
Q4 2023
Q3 2023
Q4 2023
Euro area
1
1
0
0
7
5
5
6
Germany
0
2
0
0
4
0
0
0
Spain
6
3
0
0
22
14
17
0
France
0
0
0
0
7
5
7
7
Italy
0
0
0
0
5
13
0
31
Note: See the notes to Chart 12.

4.2 Terms and conditions tightened further

• Banks’ overall terms and conditions applied when granting consumer credit and other lending to households tightened further in net terms (net percentage of 7%; see Chart 13 and Table 10).
• Banks primarily referred to widening margins, with a slightly larger contribution from margins on riskier loans than margins on average loans.
• Banks’ cost of funds and balance sheet constraints contributed most to the net tightening of banks’ overall terms and conditions (see Table 11).

Chart 13

• “Other terms and conditions” is the unweighted average of “size of the loan”, “non-interest rate charges” and “maturity”.
• The net percentages for “other factors” refer to an average of the further factors which were mentioned by banks as having contributed to changes in terms and conditions.

Table 10

Changes in terms and conditions on consumer credit and other lending to households
(net percentages of banks)
Country
Overall terms and conditions
Banks’ margins on average loans
Banks’ margins on riskier loans
Q3 2023
Q4 2023
Q3 2023
Q4 2023
Q3 2023
Q4 2023
Euro area
8
7
5
9
8
12
Germany
0
0
4
7
0
4
Spain
33
8
17
-8
17
0
France
7
14
7
21
14
29
Italy
23
23
15
15
23
23
Note: See the notes to Chart 13.

Table 11

Factors contributing to changes in overall terms and conditions on consumer credit and other lending to households
(net percentages of banks)
Country
Cost of funds and balance sheet constraints
Pressure from competition
Perception of risk
Banks’ risk tolerance
Q3 2023
Q4 2023
Q3 2023
Q4 2023
Q3 2023
Q4 2023
Q3 2023
Q4 2023
Euro area
11
8
-4
-3
8
4
3
5
Germany
0
0
0
0
4
4
0
4
Spain
25
8
-8
-8
17
0
8
0
France
21
14
-7
-7
14
7
7
7
Italy
31
23
-8
0
0
8
0
15
Note: The net percentages for these questions relating to contributing factors are defined as the difference between the percentage of banks reporting that the given factor contributed to a tightening and the percentage reporting that it contributed to an easing.

4.3 Rejection rates increased

• Euro area banks reported a further net increase in the share of rejected applications for consumer credit (8%; see Chart 10 above).
• Similarly to the other loan categories, the net share of rejected loan applications for consumer credit and other lending to households has increased every quarter since the start of the ECB policy rate hikes in July 2022.

4.4 Net demand for loans decreased moderately further

Banks reported a moderate further net decrease in demand for consumer credit and other lending to households (net percentage of banks at -7%; see Chart 14 and Overview table). This decline was smaller than the net percentage in the previous quarter (-12%), but in line with what banks had expected in that quarter (-7%). Demand declined across all four of the largest euro area economies.

Chart 14

• Changes in demand for consumer credit and other lending to households, and contributing factors
  (net percentages of banks reporting an increase in demand, and contributing factors)

  Notes: See the notes to Chart 6. “Use of alternative finance” is the unweighted average of “internal financing out of savings”, “loans from other banks” and “other sources of external finance”.

• Higher interest rates primarily contributed to the decrease in demand, alongside a substantial contribution from low consumer confidence (see Chart 14 and Table 12).
• In the first quarter of 2024, banks expect a further net decrease in demand for consumer credit and other lending to households (net percentage of -6%).

Table 12

• Factors contributing to changes in demand for consumer credit and other lending to households
  (net percentages of banks)
  Country
  Spending on durable goods
  Consumer confidence
  Consumption exp.
• (real estate)
  General level of interest rates
  Use of alternative finance
  Q3 2023
  Q4 2023
  Q3 2023
  Q4 2023
  Q3 2023
  Q4 2023
  Q3 2023
  Q4 2023
  Q3 2023
  Q4 2023
  Euro area
  -5
  -1
  -16
  -9
  -1
  1
  -24
  -12
  -3
  -1
  Germany
  -7
  -7
  -4
  -4
  0
  0
  -18
  -4
  1
  0
  Spain
  -8
  0
  -25
  -17
  -8
  0
  -33
  -17
  -11
  -3
  France
  -14
  0
  -21
  -7
  0
  0
  -29
  -14
  -10
  -2
  Italy
  8
  8
  -23
  -8
  0
  0
  -31
  -23
  0
  3
  Note: See the notes to Chart 14.

5.1 Banks’ access to retail and wholesale funding improved

• [10]
  Banks’ access to funding improved somewhat for money markets, long-term deposits and debt securities, while banks’ access to short-term retail funding and securitisation tightened slightly (Chart 15 and Table 13).
• Likely reflecting declines in longer-term yields, access to long-term retail funding and debt securities funding improved, after a deterioration since the first quarter of 2023.

Chart 15

Changes in banks’ access to retail and wholesale funding
(net percentages of banks reporting a deterioration in access)

Note: The net percentages are defined as the difference between the sum of the percentages of banks responding “deteriorated considerably” and “deteriorated somewhat” and the sum of the percentages of banks responding “eased somewhat” and “eased considerably”. The last period denotes expectations indicated by banks in the current round.

Table 13

• In the first quarter of 2024, banks expect access to funding to improve further across all segments, except for short-term deposits and securitisation.
• Banks expect the net improvement of their access to money markets, long-term retail funding and debt securities funding to improve further.

5.2 Banks increased their capital in response to regulatory and supervisory requirements

• [11]
  Euro area banks reported an increase in their capital as well as liquid and risk-weighted assets in 2023 in response to new regulatory or supervisory requirements (see Chart 16 and Table 14).
• Banks indicated that regulatory or supervisory measures had a positive impact on banks’ total assets, with a similar impact on liquid assets and risk-weighted assets.

Chart 16

• For “banks’ funding conditions”, the net percentages are defined as the difference between the sum of the percentages of banks responding “experienced a considerable tightening” and “experienced a moderate tightening” and the sum of the percentages for “experienced a moderate easing” and “experienced a considerable easing”.
• The last period denotes expectations indicated by banks in the current round.

Table 14

• The last period denotes expectations indicated by banks in the current round.
• Supervisory or regulatory actions had a net tightening impact on banks’ credit standards and credit margins across most loan categories in 2023 (see Chart 17 and Table 15).

Chart 17

• The last period denotes expectations indicated by banks in the current round.
• At the same time, the actual net impact of supervisory and regulatory actions on liquid assets has been higher than expected by banks.
• In addition, banks expect a slight net tightening impact of regulatory or supervisory action on funding conditions.

Table 15

Impact of regulatory or supervisory action on banks’ credit standards and margins
(net percentages of banks reporting a tightening impact)
Credit standards
Credit margins
2022
2023
2024
2022
2023
2024
Loans and credit lines to SMEs
8
5
9
21
4
5
Loans and credit lines to large enterprises
14
7
14
21
3
8
Loans to households for house purchase
15
3
7
14
-3
4
Consumer credit and other lending to households
9
5
6
8
1
4
Note: See the notes to Chart 17. The last period denotes expectations indicated by banks in the current round.

5.3 Perceived credit risks in banks’ loan portfolios had a tightening impact on credit standards

• The net tightening impact of banks’ perceived credit risks on credit standards for loans to firms in the second half of 2023 (3%) was below the average registered since the first half of 2018, while the net tightening impact on terms and conditions (4%) was broadly in line with this average.
• In addition, the net tightening impact of banks’ perceived credit risks on credit standards for consumer credit remained highest across loan categories.

Chart 18

• Until the July 2023 BLS, this question referred only to the impact of banks’ NPL ratios.
• The last period denotes expectations indicated by banks in the current round.

Table 16

• The last period denotes expectations indicated by banks in the current round.
• Higher risk perceptions, lower risk tolerance and higher pressure related to supervisory or regulatory requirements remained the main factors behind banks reporting a tightening impact of credit quality on their lending conditions in the second half of 2023 (see Chart 19 and Table 17).

Chart 19

Impact of factors through which NPL ratios and other indicators of credit quality affect banks’ policies on lending to enterprises and households
(net percentages of banks reporting a tightening impact)

Note: See the notes to Chart 18. The last period denotes expectations indicated by banks in the current round.

Table 17

• The last period denotes expectations indicated by banks in the current round.
• Pressure related to supervisory or regulatory requirements, lower risk tolerance and higher risk perceptions are expected to be the main drivers of credit quality affecting credit standards and terms and conditions.

5.4 Bank lending conditions tightened further in most economic sectors

• The tightening of bank lending conditions was lowest in the services sector where it was almost nil, reflecting this sector’s higher resilience compared with the weaker situation in the other economic sectors.
• Overall, the further net tightening of credit standards and terms and conditions became smaller in all main economic sectors.
• In the first half of 2024, euro area banks expect a net tightening in credit standards and terms and conditions for loans to firms across all economic sectors.

Chart 20

• Banks reported a net decrease in demand for loans or credit lines in all main economic sectors, which remained especially pronounced in real estate and construction (see Chart 21 and Table 18).
• The net decrease in loan demand was still substantial but more moderate in manufacturing, services and wholesale and retail trade.
• Banks expect broadly unchanged loan demand in manufacturing, while they expect a moderate loan demand increase in the services sector.

Chart 21

Changes in demand for loans or credit lines to enterprises across main economic sectors
(net percentages of banks reporting an increase)

Notes: The net percentages refer to the difference between the sum of the percentages of banks responding “increased considerably” and “increased somewhat” and the sum of the percentages of banks responding “decreased somewhat” and “decreased considerably”. The last period denotes expectations indicated by banks in the current round.

Table 18

Changes in credit standards, terms and conditions and demand for new loans to enterprises across main economic sectors
(net percentages of banks reporting a tightening/increase)
Credit standards
Terms and conditions
Loan demand
Q1 23 - Q2 23
Q3 23 - Q4 23
Q1 24 - Q2 24
Q1 23 - Q2 23
Q3 23 - Q4 23
Q1 24 - Q2 24
Q1 23 - Q2 23
Q3 23 - Q4 23
Q1 24 - Q2 24
Manufacturing
10
8
6
14
6
2
-17
-17
-1
Of which: energy-intensive manufacturing
20
15
9
19
8
6
-22
-12
-1
Construction
18
17
20
18
13
12
-26
-24
-11
Services
8
1
4
11
4
0
-17
-7
4
Wholesale and retail trade
18
10
6
18
8
2
-15
-10
-4
Commercial real estate
30
30
28
26
26
15
-42
-39
-11
Residential real estate
19
13
12
26
17
10
-41
-34
-5
Note: See the notes to Charts 20 and 21. The last period denotes expectations indicated by banks in the current round.

5.5 Decrease in excess liquidity had a limited impact

• [17]
  Banks reported only a limited impact of the decline in excess liquidity held with the Eurosystem in the second half of 2023 on bank lending conditions.
• The decline in excess liquidity had a small net tightening impact on credit standards and a moderate net tightening impact on terms and conditions.
• The negative contribution of declining excess liquidity was reported as having been similar in both short-term and long-term lending.

Chart 22

• Short-term loans are loans with an original maturity of one year or less, and long-term loans are loans that have an original maturity of more than one year, including on- and off-balance sheet credit lines.
• The last period denotes expectations indicated by banks in the current round.

Table 19

• Troy, MI, Jan. 16, 2024 (GLOBE NEWSWIRE) -- Titan Environmental Solutions Inc. ("Titan" or the "Company") (OTCQB: TESI) announced today that the Company signed a Membership Interest Purchase Agreement (the “Purchase Agreement”) to acquire all of the outstanding membership interests of Standard Waste Services LLC (“Standard”), a waste management company based in Detroit, Michigan that provides commercial and industrial waste and recycling services throughout the greater Detroit metro area.
• The purchase consideration includes a combination of cash and capital stock of Titan and is subject to certain post-closing adjustments as described in the Purchase Agreement.
• Standard currently operates approximately 20 waste collection trucks servicing approximately 1,000 commercial and industrial customers.
• “We are excited for the opportunity to merge the Standard operations with our current Titan operations in the Greater Detroit market,” said Glen Miller, CEO of Titan.

• TORONTO, Jan. 10, 2024 (GLOBE NEWSWIRE) -- Abaxx Technologies Inc. (NEO:ABXX)(OTCQX:ABXXF) (“Abaxx Tech” or the “Company”), a financial software and market infrastructure company and majority shareholder of Abaxx Singapore Pte.
• Ltd. (“Abaxx Singapore”), the owner of Abaxx Commodity Exchange and Clearinghouse (individually, “Abaxx Exchange” and “Abaxx Clearing”), and producer of the SmarterMarkets™ Podcast, is pleased to announce that Abaxx Singapore has closed its best efforts equity private placement as previously announced on January 3, 2024 (the “Offering”) for gross proceeds of US$27,323,013.
• “We are proud to have Cboe, TLW, and Traxys join us as strategic partners,” said Nancy Seah, CEO of Abaxx Exchange.
• In addition, strategic partners will be granted some limited pre-emptive rights in connection with any future capital raising by Abaxx Singapore.