'Substantial decline' in bank lending to business across the eurozone

The figures come as the ECB prepares to meet on Thursday with a first rate cut in June widely tipped

The European Central Bank quarterly bank lending survey also showed that credit standards were a little tighter for firms across the single currency area. 

Demand for business loans in the eurozone saw a “substantial decline” in the first three months of the year following the hikes in elevated borrowing costs, European Central Bank (ECB) figures show. 

The ECB’s quarterly bank lending survey also showed that credit standards — banks’ internal guidelines or loan-approval criteria — were a little tighter for firms across the single currency area.