Euro zone bank lending continues to surge amid crisis, ECB says
26 Jun 2020Lending to euro zone companies continued to surge in May as firms relied heavily on bank credit to stay afloat amid the continent’s coronavirus-related lockdown, data from the European Central Bank showed on Friday.
With millions of people in stuck at home and much of the bloc’s economy mothballed, activity came to a standstill in March and only started to remerge in May, forcing firms to find emergency cash to survive.
Lending growth to non-financial corporations accelerated to 7.3% in May from 6.6% a month earlier, its best rate since early 2009. Household lending growth meanwhile held steady at 3.0%.
Although banks initially appeared to tighten access to credit, a raft of government and central bank measures, from public guarantees to easier collateral rules, has supported lending.
Indeed, the ECB loaned 1.3 trillion euros to banks last week for at a rate as low at minus 1% provided banks at least maintain their stock of lending to the real economy.
The annual growth rate of the M3 measure of money supply accelerated to 8.9% from 8.2%, beating expectations for 8.6% in a Reuters poll.
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Privacy Policy
PURPOSE
The purpose of this Privacy Policy ("Policy") is to provide adequate safeguards for the handling of your Personal Data by ICC SOVEREIGN GROUP ("ICC") in accordance with the European General Data Protection Regulation (GDPR) and any other relevant Cyprus or European law.
DISCLOSURE OF PERSONAL DATA
We do not disclose your personal data to third parties other than for the purposes outlined in this Policy. Transfers to third parties may involve the exchange of such personal data with unrelated companies that provide support services for your account or facilitate your transactions with us, including those providing professional, legal or accounting advice to us.
SPECIAL CATEGORIES OF DATA
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PURPOSES AND LEGAL BASES FOR THE PROCESSING OF PERSONAL DATA
We collect and process your personal data (1) after we obtain your consent for purposes marketing products that we believe you are interested in. We will therefore ask for your informed consent before we process any of your personal data for these specific purposes, (2) based on our legitimate interest in improving the content and functionality of our website, such as altering your personal information notifications, and (3) based on the necessity to perform activities in relation to the services we provide to you. We also process your personal data in order to comply with applicable laws and regulations.
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CONNECTIONS
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SECURITY
ICC is committed to preserving the confidentiality and integrity of personal data and to preventing unauthorised access to the data. We apply all required security measures to prevent any violation, alteration or destruction of personal data
DATA RETENTION
As long as there is no predetermined retention period required by law to retain any of your personal data, your personal data will only be retained for as long as it is necessary for the purposes of processing. We will then delete them safely taking all appropriate legal and technical measures.
TRANSFERS OF PERSONAL DATA TO OTHER COUNTRIES
ICC does not transfer personal data outside the EEA. However, if it is required to do so, it will implement appropriate transmission mechanisms in accordance with the law and will instruct you to inform you in advance.
REVISIONS
ICC reserves the right to modify this Policy at any time. Any changes will be posted on this page and, if necessary, will be communicated to you by email.
COMPLAINTS AND CONTACT DETAILS
If at any time a person would like to know more or believes that personal data concerning him / her are being processed in violation of this Policy, then he/she can file his/her complaints by sending an email to info@iccsovereigngroup.com or by telephone at +357 22490909.
Supervising Authority
You also have the right to file a complaint with the Supervisory Authority, which is the Privacy Commissioner's Office:
1 Iasonos Street, 1082 Nicosia, Cyprus
P.O.BOX 23378, 1682 Nicosia, Cyprus
Tel: +357 22818456
Fax: +357 22304565
E-mail: commissioner@dataprotection.gov.cy