ECB to study lending policies with survey

The European Central Bank will begin conducting a quarterly survey next year of credit policies practised by banks operating in the 12-nation euro zone. The move comes just days after the Irish central bank warned lenders to stick within guidelines.

Irish Central Bank governor Mr John Hurley sent letters to the heads of Irish financial institutions warning them to stick within guidelines on mortgage lending so that borrowers would not be left vulnerable amid worsening economic conditions.