Banks Quick Comment: Negative Impact of So-called Moratorium Limited

Impact on our views: We maintain our view that credit costs have peaked and are starting to decline, despite the publication on Monday of data showing a rather large number of applications to restructure loans by SMEs.

What's new: On Monday the banks published data regarding the implementation of measures to ensure smooth provision of finance to the SME sector. At first glance, the data appears to show that the banks are taking a proactive stance and that requests for restructuring are quite high. However, the data must be interpreted carefully. In fact, from the data it is impossible to ascertain the level of incremental requests that have been made due to the implementation of the law. Full Report --- HERE