28 Feb '11, 10pm

Bank loans up 16%

SINGAPORE - Bank lending in Singapore grew 16 per cent from a year earlier in January to S$328.7 billion and, despite more measures from the Government to cool the property market, housing and bridge loans claimed the lions share at S$114 billion. Month-on-month bank lending rose 1.8 per cent from December. Analysts said that, with interest rates at rock bottom, demand for loans has stayed robust and the data shows that borrowing by businesses and consumers continue to rise. Housing and bridge loans grew 23 per cent year-on-year and 1.6 per cent from the previous month. Credit to building and construction industries rose 9.6 per cent from a year earlier but declined a slight 0.05 per cent month-on-month. Manufacturing loans grew only 3.3 per cent year-on-year. Chief Economist, Asia ex-Japan, Daiwa Institute of Research, PK Basu said that interest rates are incredibly low, ...

Full article: http://www.todayonline.com/Business/EDC110301-0000241/Ban...

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