Canadian bank loans up $10B from lows
According to data released by the Bank of Canada, commercial and corporate lending by Canadian Chartered banks jumped $2.2 billion during the month of March. Borrowers have clawed their way back to levels last witnessed during the summer of 2009. From the nadir of last September, $10 billion of loans have gone out the door (see prior post “Another month, another $1B in lost loans” Oct 23-10).
The category is “Business loans to Canadian residents for business purposesâ€:
December 2008: $191.563 billion
January 2009: $185.679 billion
February: $183.759 billion
March: $184.089 billion
April: $181.811 billion
May: $178.691 billion
June: $176.365 billion
July: $174.664 billion
August: $173.818 billion
September: $171.152 billion
October: $171.091 billion
November: $168.425 billion
December: $169.430 billion
January 2010: $167.892 billion
February: $168.104 billion
March: $169.495 billion
April: $169.163 billion
May: $166.378 billion
June: $165.369 billion
July: $166.988 billion
August: $164.774 billion
September: $163.976 billion
October: $168.401 billion
November: $168.892 billion
December: $169.170 billion
January 2011: $170.42 billion
February: $171.800 billion
March: $174.028 billion
Commercial and corporate lending by chartered banks to Canadian-based businesses is still down by about $17.5 billion since December 2008. But there has been plenty of new business during the past nine months.
MRM
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