Commercial bank lending jumps $2.5 billion in June
Not quite a yo-yo, but Canadian Chartered bank lending volumes have been volatile during the past three months.
Through the beginning of 2011, Canadian businesses had borrowed about $5 billion in additional bank debt. In May, the outstanding level fell more than a billion, but things happily turned around in June. The $2.5 billion June increase represents the largest single monthly rise since last October, in fact. And September 2010 marked the nadir since I began to track these figures for you (starting in Dec. 2008), so perhaps a big snap-back in October shouldn’t come as a surprise.
In any event, our domestic banks have advanced almost $7.5 billion in new capital this year, according to data released by the Bank of Canada. That’s a run rate of about 8% for the year, which must be well above double the rate of the country’s annual economic growth.
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
April: $175.198 billion
May: $173.974 billion
June: $176.527 billion
We are still $15 billion below the peak, but the trend appears to be our economy’s friend. The $64 question is: are SME’s experiencing the same support as the big corporate fish?
MRM
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