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Hohe Liquiditätszufuhr im Kreditwesen 2021 nur teilweise durch lebhafte Kreditnachfrage absorbiert

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  • Thomas Url

    (WIFO)

Abstract

Die Zentralbanken setzten 2021 ihren expansiven geldpolitischen Kurs unvermindert fort. Die hohe Versorgung des Kreditwesens mit Liquidität führte zwar zu einer deutlichen Ausweitung der Kredite an nichtfinanzielle Unternehmen und der Wohnbaudarlehen an private Haushalte; trotzdem bauten die österreichischen Kreditinstitute bis zum Jahresende Überschussreserven im System der Europäischen Zentralbanken im Ausmaß von 125 Mrd. € auf. Gleichzeitig veranlasste die hohe Dynamik in der Neuvergabe von Wohnbaudarlehen das Finanzmarktstabilitätsgremium zur Vorgabe makroprudenzieller Kriterien. Die österreichische Kreditwirtschaft konnte in diesem Umfeld die Refinanzierungskosten deutlich senken und damit das Nettozinsergebnis steigern. Der kräftige Anstieg der Börsenkurse beflügelte auch die Provisionserträge, sodass sich die Ertragslage insgesamt verbesserte. Die Notenbank der USA bereitete den Finanzmarkt im Zuge ihrer Forward Guidance auf eine geldpolitische Wende vor; dementsprechend wertete der Euro im Jahresverlauf 2021 gegenüber dem Dollar ab.

Suggested Citation

  • Thomas Url, 2022. "Hohe Liquiditätszufuhr im Kreditwesen 2021 nur teilweise durch lebhafte Kreditnachfrage absorbiert," WIFO Monatsberichte (monthly reports), WIFO, vol. 95(4), pages 263-274, April.
    • Handle: RePEc:wfo:monber:y:2022:i:4:p:263-274
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    References listed on IDEAS

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