Eurozone loans rise

FRANKFURT: The volume of loans to the private sector in the euro area expanded in November, with a bigger bounce recorded than the previous month, European Central Bank (ECB) data showed on Wednesday. The statistics are a key indicator of economic health for the ECB, as borrowing is a main financing source for corporate investment which in turn should boost the eurozone’s currently weak economy. In November, approved loans rose 1.3 per cent from a year ago, compared to a growth of one per cent in October, an ECB statement said. When certain strictly financial transactions are stripped out from the loans data, the trend remained the same — with credit accorded to households and firms up one per cent in November, compared with 0.8 per cent in October.