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Overall, the January 2010 BLS points to a further decline in the net tightening of credit standards, although at a slower pace than in previous quarters. The decline in net tightening was stronger for mortgages than for consumer credit or for loans to non-financial corporations (NFCs). All in all, a turning-point in the tightening trend observed since the second half of 2007 is now closer, but has not yet
been reached.

The annual rate of change of M3 stood at -0.2% in December 2009, compared with -0.3% in November 2009. The three-month average of the annual rates of change of M3 over the period October 2009 - December 2009 decreased to -0.1%, from 0.6% in the period September 2009 - November 2009.

In December 2009 most of the average MFI interest rates on new loans further decreased. Almost all the average MFI interest rates on outstanding amounts of deposits and loans also further decreased to reach a minimum over life time of these series. The average MFI interest rates on new deposits remain broadly unchanged.