In 2010, the recovery in lending largely benefited households. The levels of indebtedness non-financial sectors reached a new high.

In 2009, the borrowing requirement of non-financial corporations and households declined,whereas general government sharply increased issuance to meet its rising fi nancing needs.

In 2008, the economic downturn and financial pressures significantly impacted the borrowing and investment behaviour of non-financial agents. Households favoured liquid and low-risk savings instruments. Households and fi rms reduced bank borrowings but their debt ratios rose further.

Households have continued to take on debt at a sustained pace, while simultaneously building up their financial assets. Non-financial corporations have increased their use of bank loans and securities issuance. Meanwhile, the general government borrowing requirement has decreased.