EN    EN EN 
EN    EN  EUROPEAN COMMISSION 
Brussels, 23.6.2010 
SEC(2010) 754 
  
COMMISSION STAFF WORKING DOCUMENT 
CHARTS ACCOMPANYING THE REPORT ON EFFECTS OF DIRECTIVES 
2006/48/EC AND 2006/49/EC ON THE ECONOMIC CYCLE 
  
Accompanying document to the 
  
Report from the Commission to the Council and the European Parliament on effects of 
Directives 2006/48/EC and 2006/ 49/EC on the economic cycle 
  
COM(2010)327 final  
EN 2   EN  
Chart 1: Portfolio adjustments between Q2 2008 and Q4 2008  -200-1000100200Chg Exposure
0 500 1000 1500 2000
Exposure 2008Q2 EUR bn.
Chg. Exposure 2008Q2 to Q4 in EUR bnTotal
-100-50050Chg Exposure
0 500 1000 1500
Exposure 2008Q2 EUR bn.
Chg. Exposure 2008Q2 to Q4 in EUR bnCorporate
-60-40-20020Chg Exposure
0 100 200 300 400 500
Exposure 2008Q2 EUR bn.
Chg. Exposure 2008Q2 to Q4 in EUR bnRetail-40-2002040Chg Exposure
0 100 200 300
Exposure 2008Q2 EUR bn.
Chg. Exposure 2008Q2 to Q4 in EUR bnBank
-40-200204060Chg Exposure
0 50 100 150
Exposure 2008Q2 EUR bn.
Chg. Exposure 2008Q2 to Q4 in EUR bnSovereign
-100102030Chg Exposure
0 20 40 60 80 100
Exposure 2008Q2 EUR bn.
Chg. Exposure 2008Q2 to Q4 in EUR bnSecuritisation-6-4-2024Chg Exposure
0 5 10 15 20
Exposure 2008Q2 EUR bn.
Chg. Exposure 2008Q2 to Q4 in EUR bnEquity
 
Source: TFICF data 
 
                                                 
1 Positive percentages indicate net tightening, negative percentages indicate net easing at a country level Chart 2: The impact of the CRD on euro 
area banks’ credit standards Q1 2008  – Q2 
2009 (in per cent)  Chart 3: Cross-country dispersion of the 
impact of the CRD on banks’ credit standards Q1 2008 – Q2 2009  (in per cent)
1 
0102030405060708090100
Small and medium-sized
enterprisesLarge enterprises For house purchase Consumer credit and
other lendingcontributed considerably to tightening of credit standards
contributed somewhat to tightening of credit standards
basically no impact on credit standards
contributed somewhat to easing of credit standards
contributed considerably to easing of credit standards
not applicable
Loans and credit lines to enterprises Loans to households
 -40-20020406080100
SME Large enterprises House purchase Consumer creditmedian
mean
max
min
1st quantile
3rd quantile
 
Source: ECB, bank lending survey Source: ECB, bank lending survey  
EN 3   EN  Chart 4:  Factors having a tightening effect on ba nk lending decisions, October 2008 –April 
2009 ( per cent of banks stating that  a given factor had a somewhat  or significantly tightening 
effect ) 
0%20%40%60%80%100%
General economic outlook
Borrower specific outlook
Availability of collateral for new business
Changes in required regulatory capital
Changes in internal lending rules
Availability of collateral for existing business
Liquidity position
Costs related to maintaining target capital level
Competition driven considerations
Strength of bank's financial results
Costs and ability to access wholesale funding
Costs and ability to access retail funding
Other
Ability to transfer credit risk (securitization)
Access to various crisis-related state aid measures
Somewhat tightening effect Significantly tightening effect
 
Sources: European Commission, EU bank questionnaire  
EN 4   EN  
Chart 5: Factors2 contributing to changes in 
credit standards on loans to enterprises (net 
percentages)  Chart 6: Factors3 contributing to changes in 
credit standards on loans to households for house purchase (net percentages)  
-20020406080100
2003 2004 2005 2006 2007 2008 2009Perception of risk
Competition
Bank balance shee t constraints
 -20020406080100
2003 2004 2005 2006 2007 2008 2009Perception of risk
Competition
Bank balance shee t constraints
 
Sources: ECB, bank lending survey  Sources: ECB, bank lending survey  
Chart 7: The financial turmoil impact on euro 
area banks’ capital position and lending4 (in 
per cent)  Chart 8: Growth of loans to households and 
non-financial corporations and economic activity
5 (annual growth rates in per cent)  
0%10%20%30%40%50%60%70%80%90%100%
Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09Basically no impact
Impact on capital no impact on lending 
Impact on capital and lending
 -6-4-20246810121416
1 9 8 21 9 8 41 9 8 61 9 8 81 9 9 01 9 9 21 9 9 41 9 9 61 9 9 82 0 0 02 0 0 22 0 0 42 0 0 62 0 0 8-6-4-20246810121416GDP
Loans to households
Loans to non-financial corporations
 
Source: ECB, bank lending surve y Sources: ECB 
                                                 
2 The “perception-of-risk” factor includes the “industry and firm-specific outlook”, the “expectations 
regarding general economic activity”, and the “risk on collateral demanded”; the “competition” factor 
refers to competition from “other banks”, “non-b anks” and “market financing” respectively; the 
“balance-sheet-constraints” factor includes “costs re lated to banks capital position”, “banks’ ability to 
access market financing” and “banks ’ liquidity position”. The net perc entages reported for the three 
groups of contributing factors ar e simple averages of the underlying factors listed above. Positive 
percentages indicate net tightening, negative – net easing. 
3 The “perception-of-risk” factor includes to the “ex pectations regarding general economic activity”, and 
“housing market prospects”; the “competition” factor refers to competition from “other banks” and 
from “non-banks”. The net percentages reported for the three groups of contributing factors are simple 
averages of the underlying factors listed above. Positive percentages indicate net tightening, negative – net easing 
4 December 2009 figures refer to banks expectations fo r the fourth quar ter of 2009 (as of October 2009) 
5 Deflated by the GDP deflator 
EN 5   EN  
Chart 9: New business volumes of small6 
and large-sized loans to non-financial corporations in the euro area (€ billion; 6-
month moving sum)  Chart 10: Spreads between rates on small-
sized and large-sized lo ans to non-financial 
corporations in the euro area (percentage 
points)  
8009001,0001,1001,2001,3001,4001,5001,6001,7001,800
2003 2004 2005 2006 2007 2008 2009350370390410430450470490510530550Large-sized loans  (6-month moving sum; left-hand scale)
Small-sized loans (6-month moving sum; right hand scale)
 -0.50.00.51.01.52.02.5
2003 2004 2005 2006 2007 2008 2009Floating rate and up to 1 year initial rate fixation
Over 1 and up to 5 years initial rate fixation
Over 5 years initial rate fixation
Sources: ECB and ECB calculations Sources: EC B and ECB calculations(last observation is 
September 2009)  
 
                                                 
6 “Small-sized” loans refer to loans below €1 million, while “large-sized” loans refer to loans above €1 
million; last observation is September 2009 
7 Data are up to August 2009 Chart 11: Outcome of applications for 
external financing by euro area SMEs (as a 
percentage of all fi rms applying for external 
financing)  Chart 12: External financing7 of non-
financial corporations in the euro area  (3-
month non-centred average; flows in € 
billion; seasonally adjusted)  
57%53%60%
13 %25%17%
2%4%4%
12 %6%7%
15%13 %12 %
0% 20% 40% 60% 80% 100%Other external
financingTrade creditBank loa n (new or
renewal)Applied and got everything Applied but only got part of it
Applied but refused because cost too high Applied but was rejected
Don't know / No answer
-40-20020406080
Feb-03 Aug-03 Feb-04Aug-04
Feb-05 Aug-05
Feb-06
Aug-06
Feb-07Aug-07Feb-08Aug-08 Feb-09 Aug-09-40-20020406080short-term bonds
quoted shares
long-term sebt securities with fix rate
long -term debt securities linked to short-term rates
long-term loans
short-term loans
Source: ECB Source: ECB 
EN 6   EN  
Chart 13 : Relationship between external cr edit ratings and capital charges 
Capital requirements in Euro per 1000 Euro exposure
020040060080010001200
AAA
AA+AA AA-A+A A-
BBB+BBB BBB-
BB+ BB BB- B+B B- C D
Securitisation, sophisticated Securitisation, simplified Corporate 
Source: Basel II framewor k, own calculations