At the end of 2013, the stock of loans to companies resident in Italy amounted to €814 billion, 101 less than the peak in November 2011. The contraction in loans was more intense for large companies (-6% y/y November) which raised financial resources also through the placement of corporate bonds.
According to Dealogic, last year 95 Italian companies issued corporate bonds for an amount of €31 billion, values that respectively tripled and doubled compared to two years earlier.
The contraction in loans to small and micro enterprises was less marked (-5,2% and -4% y/y in November respectively) and, according to the latest survey on access to credit at banks, in the coming months there should be a relaxation of the criteria for granting loans precisely to SMEs.
On the other hand, some surveys of companies indicate that small companies report a deterioration in supply conditions more frequently than large companies; the greater risk often determines the request for greater guarantees.
In support of the credit granted to smaller companies, a crucial element is represented by the public guarantee. The confirmation comes from international experience and also from the numbers: in Italy, in 2013 there was a robust increase in loan applications (+26%), the amounts disbursed (+33%) and the guaranteed amount (+60%) .
Attachments: Focus no. 06 – 18 February 2014.pdf
