花旗——欧洲银行业深度研究

The Big Picture Winter 2007 Pan-Europe Banks

4 January 2007 | 76 pages

(76页) 01.04 .pdf

Citigroup Global Markets | Equity Research

Healthy loan growth, especially corporate — Excluding Germany, loan growth in Europe's main five economies is strong, growing at about twice nominal GDP growth. Whilst retail lending is moderating on the back of rising interest rates, corporate lending is accelerating (13% in the UK and Eurozone)．．．．

Contents
Overview 2006 – 2007 3
Loan Growth 7
Loan Growth – by Type 8
Deposit Growth 9
Deposit Growth – by Type 10
Loans-to-GDP 11
Deposits-to-GDP 12
Loan Mix 13
Deposit Mix 14
Lending Spreads 15
Deposit Spreads 16
Loan-to-Deposit Ratio 17
Mutual Fund Flows 18
Mutual Fund Mix 19
Stock Markets 20
Economic Background 21
France – Loan Growth 24
France – Deposit Growth 25
France – Loan & Deposit Mix 26
France – Loan & Deposit Spreads 27
France – Loan-to-Deposit Ratio 28
France – Mutual Funds 29
France – Loans & Deposits/GDP 30
France – Economics & Stock Market 31
Germany – Loan Growth 34
Germany – Deposit Growth 35
Germany – Loan & Deposit Mix 36
Germany – Loan & Deposit Spreads 37
Germany – Loan-to-Deposit Ratio 38
Germany – Mutual Funds 39
Germany – Loans & Deposits/GDP 40
Germany – Economics & Stock Market 41
Italy – Loan Growth 44
Italy – Deposit Growth 45
Italy – Loan & Deposit Mix 46
Italy – Loan & Deposit Spreads 47
Italy – Loan-to-Deposit Ratio 48
Italy – Mutual Funds 49
Italy – Loans & Deposits/GDP 50
Italy – Economics & Stock Market 51
Spain – Loan Growth 54
Spain – Deposit Growth 55
Spain – Loan & Deposit Mix 56
Spain – Loan & Deposit Spreads 57
Spain – Loan-to-Deposit Ratio 58
Spain – Mutual Funds 59
Spain – Loans & Deposits/GDP 60
Spain – Economics & Stock Market 61
UK – Loan Growth 64
UK – Deposit Growth 65
UK – Loan & Deposit Mix 66
UK – Loan & Deposit Spreads 67
UK – Loan-to-Deposit Ratio 68
UK – Mutual Funds 69
UK – Loans & Deposits/GDP 70
UK – Economics & Stock Market 71
Analyst Certification Appendix A-1 75