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Consumer Credit Overview




           Consumer credit in Europe
           at end-2010


                                                                   June 2011




Page 1                     Consumer credit in Europe at end-2010
Consumer credit in Europe at end-2010

     Summary (1/2)
    With €1,105 billion in loans outstanding at end-2010 (see page 4), the European
    Union accounts for nearly one quarter of the world consumer credit market.

    Outstandings remain unevenly distributed, with five countries (UK, Germany, France,
    Italy and Spain) representing 76% of total outstandings (but 63% of the EU population).
    The EU can be divided into three zones:
     Northern Europe, with 56% of loan outstandings (and 41% of the EU population);
     Southern Europe (including France), with 37% of outstandings (39% of EU
         population);
     Eastern Europe, with 7% of outstandings (20% of EU population).




   The European consumer credit market continued to contract in 2010 (see page 6), with outstandings falling 2.8% between
   December 2009 and December 2010:
    Northern Europe: -3.0% between 2009 and 2010
    Southern Europe: -2.4% between 2009 and 2010
    Eastern Europe: -3.9% between 2009 and 2010

   The overall pattern conceals contrasting trends (pages 5 & 6):
    Some markets reported a strong decrease in outstandings, including Ireland (-17%), Spain (-11%) and the UK (-6%).
    In contrast, other markets have proved resilient, such as Slovakia (+9%) and Belgium (+2%).




Page 2                                      Consumer credit in Europe at end-2010
Consumer credit in Europe at end-2010

     Summary (2/2)

     At end-2010, average outstandings per inhabitant (page 7) in the European Union totalled €2,220, down 3% on the 2009 total
     (€2,290). A decrease was observed in almost all European countries.
     Strong disparities exist within the EU, with outstandings per inhabitant ranging from €270 in Lithuania to nearly €4,500 in Ireland
     (although this figure contracted by a considerable 17% in 2010).
     The share of loan outstandings in total household debt is 17% in the EU.

     The ratio of outstandings to total annual household consumption (page 8) sheds light on the real share of credit in consumption.
     This indicator helps to eliminate the disparities resulting from differences in the standard of living from one country to the next.
     Outstandings at end-2010 account for 15.4% of total annual household consumption in EU27, compared with 16.4% in 2009. This
     metric supplies a structural assessment – looking beyond today’s crisis – of:
      the maturity of certain countries: UK (22.4%), Bulgaria (21.7%) ;
      the lower use of consumer credit in other countries: France (13.2%), Italy and Portugal (12.3%).

     The French consumer credit market occupies a particular place in EU27:
      At end-2010, outstandings came to €151.7 billion, or 14% of the EU total.
      It is the third-biggest EU market in terms of outstandings, far behind the UK (€249 billion) and Germany (€229 billion)
        but ahead of Italy and Spain.
      The ratio of outstandings to total annual household consumption is 13.2% in France, compared with the 15.4% average for the EU.
      Loan outstandings account for 17% of the total debt of French households, identical to the EU average.




Page 3                                      Consumer credit in Europe at end-2010
Consumer credit in Europe at end-2010

     Methodology
    Source: The data for this study come from central banks and have been restated by the Asterès consulting firm to ensure consistency in the
    markets and products being compared.

    Due to the lack of definitive annual figures for several countries, certain data are based on estimates.
    These data concern all lenders, banks and specialised credit institutions.
    Data on products include bank overdraft facilities but exclude mortgage loans.
    To compare eurozone and non-eurozone countries, outstandings in the non-eurozone countries were converted on the basis of average 2010
    exchange rates.

    Some figures on outstandings and changes therein may differ from those in previous editions of this study, for two reasons in particular:
     revisions to the primary data provided by the central banks;
     fluctuations in the exchange rates used to convert outstandings in foreign currencies into euros. This second reason is particularly important,
    inasmuch as the financial crisis caused some extremely sharp currency movements.

    For France, the data were updated on the basis of outstandings published by Banque de France, restated for estimated outstandings in Overseas
    Departments, for a total €151.7 billion at end-2010.

    For the fourth consecutive year, this consumer credit overview of the 27 countries in the European Union endeavours to measure:
    1- The level of outstandings per country at end-2010
    2- Annual trend reported since 2009
    3- The level of loan outstandings per inhabitant
    4- The economic weight of consumer credit


     We used two concepts to quantify consumer credit usage.
      Production: the total amount of credit issued in one year; this figure represents a flow.
      Outstandings: at a given point in time, the sum of the loans granted to individuals that still need to be repaid; this figure represents an inventory.



Page 4                                             Consumer credit in Europe at end-2010
1 Consumer credit in Europe at end-2010

    €1,105 billion in consumer credit outstanding at end-2010


                                                             Consumer loan outstandings for the 27 countries in the European Union came to €1,105 billion at end-2010.
                                                             Outstandings were unevenly distributed: the top five markets in terms of outstandings (UK, Germany, France, Italy and
         249                                                 Spain) accounted for 76% of total outstandings (higher than in 2009). These five countries are home to 63% of the EU’s
                          229                                population.
                                                             The European market can be divided into three zones:
                                                              Northern Europe: with 56% of loan outstandings in the EU (41% of EU population)
                                                              Southern Europe: 37% of outstandings (39% of population)
                                     152
                                                              Eastern Europe: 7% of outstandings (20% of population)
                                               114
                                                        90,0



                                                                   35,7 35,1
                                                                             27,5 24,7
                                                                                                                20,2 20,0 17,5 16,0 15,3 14,3
                                                                                                                                              12,5 10,6 5,1
                                                                                                                                                                                                                   4,8         3,4       2,8         2,5         1,1           0,9       0,9          0,7        0,4




                                                                                                                                                                                                         Hungary
                                                Italy




                                                                                                                                                                                        Czech Republic




                                                                                                                                                                                                                                          Slovenia




                                                                                                                                                                                                                                                                                                                  Malta
                                                                                                                                                                                                                                                      Slovakia




                                                                                                                                                                                                                                                                                Latvia
                                                                                                                                                                                                                                Cyprus
                           Germany




                                                                                                                                                                                                                                                                                          Lithuania
                                                                                                      Austria




                                                                                                                            Ireland




                                                                                                                                                Sweden




                                                                                                                                                                              Finland




                                                                                                                                                                                                                    Bulgaria




                                                                                                                                                                                                                                                                  Luxembourg
                                      France




                                                                              Greece
                                                                     Poland
                                                          Spain*




                                                                                                                                                                   Portugal
         United-Kingdom




                                                                                                                                      Denmark
                                                                                       Netherlands




                                                                                                                                                                                                                                                                                                       Estonia
                                                                                                                                                         Romania
                                                                                                                 Belgium*




                                                                                       Sources: central banks, Asterès                                                                      *Asterès estimates

Page 5                                                                                               Consumer credit in Europe at end-2010
2.1 Consumer credit in Europe at end-2010

    Outstandings rose in 8 countries only




                                                                  Consumer loan outstandings fell 2.8% between December 2009 and December
                  Country    Change                               2010. The macro-economic environment remained unfavourable generally, with
                            2009 / 2010                           economic growth lacklustre in most Member States. Household consumption
                                                                  was curbed by the budgetary rigour policies introduced by a number of
         Slovakia              8.7%
                                                                  European countries in response to the sovereign debt crisis in Greece, Ireland
         Belgium*              2.0%                               and Spain. In addition, unemployment remains high (9.5% of the active
                                                                  population at the end of the year), denying some households access to credit.
         France                1.7%
         Netherlands           1.2%                               Of Europe’s top five markets in terms of outstandings, only France (+1.7%),
                                                                  Italy (+0.9%) and Germany (+0.5%) were resilient.
         Poland                1.1%
                                                                  With outstandings up 8.7%, Slovakia was a notable exception to the overall
         Italy                 0.9%                               downward trend in the consumer credit market in Europe.
         Germany               0.5%
         Finland               0.4%




                                Sources: central banks, Asterès                       *Asterès estimates


Page 6                                 Consumer credit in Europe at end-2010
2.2 Consumer credit in Europe at end-2010

    2.8% drop in outstandings in EU27
         Ireland, beset by a serious banking and budgetary crisis, reported the biggest fall in
          consumer loan outstandings in the European Union (-17%) behind Cyprus (-29%).                      Southern Europe     Northern Europe   Eastern Europe
         Concerning new Member States:
          - the decrease in outstandings was particularly marked in Romania (-12%), the Czech
          Republic (-10%) and the Baltic states.
          - these negative trends contrasted significantly with the positive performance of the
          markets in Poland (+1.1%) and Slovakia (+8.7%, the highest increase in the EU).
         Outstandings were down 5.7% in the leading EU market, the UK.                                          -2,4%

                                                                                                                                     -3,0%
     Changes are calculated on the basis of outstandings totals in local currency
                                                                                                                                                       -3,9%

                                  Country                    Change                                 Country                     Change
                                                            2009 / 2010                                                        2009 / 2010
                        Bulgaria                                 -4.3%                    UK                                      -5.7%
                        Austria                                  -0.2%                    Denmark                                 -8.4%
                        Hungary                                  -0.3%                    Latvia                                 -10.0%
                        Sweden                                   -0.5%                    Lithuania                              -10.0%
                        Luxembourg                               -0.8%                    Czech Republic                         -10.0%
                        Malta                                    -1.0%                    Estonia                                -10.2%
                        Greece                                   -2.5%                    Spain                                  -10.7%*
                        EU27                                     -2.8%                    Romania                                -11.8%
                        Slovenia                                 -2.9%                    Ireland                                -17.0%
                        Portugal                                 -3.0%                    Cyprus                                 -28.9%

                                          Sources: central banks, Asterès               *Asterès estimates

Page 7                                                 Consumer credit in Europe at end-2010
3 Consumer credit in Europe at end-2010

     Consumer loan outstandings per inhabitant (in euros)
                                At end-2010 average outstandings per inhabitant in the EU stood at €2,220, down 3.1% on 2009 (€2,290).
                                The EU consumer credit market is characterised by strong disparities between countries, mainly owing to differing levels of economic
                                development:
                                 In Ireland, outstandings per inhabitant fell sharply (down 17% on 2009) but remained the highest in the EU at €4,470.
                                 Differences remain considerable in the eurozone. Outstandings per inhabitant are relatively high in Germany, at €2,800, but much
                                     lower in Italy (€1,890) and Portugal (€1,340).
                                 In most new Member States (joining since 2004) outstandings per head are under €1,000: Poland (€940), Romania (€710),
                                     Bulgaria (€640). Poland and Slovakia were the only two countries in Eastern Europe to observe a rise in outstandings per
                                     inhabitant in 2010.
     4 471


               3 998


                                3 174


                                          3 138


                                                   2 949


                                                             2 801


                                                                       2 410


                                                                                2 333


                                                                                            2 272


                                                                                                         2 222


                                                                                                                 1 956


                                                                                                                          1 893


                                                                                                                                  1 865


                                                                                                                                             1 715


                                                                                                                                                      1 658


                                                                                                                                                                    1 388


                                                                                                                                                                               1 341


                                                                                                                                                                                          1 014


                                                                                                                                                                                                           938


                                                                                                                                                                                                                    712


                                                                                                                                                                                                                              636




                                                                                                                                                                                                                                                  508
                                                                                                                                                                                                                                        525




                                                                                                                                                                                                                                                            455


                                                                                                                                                                                                                                                                       399


                                                                                                                                                                                                                                                                                271
                                                                                            Luxembourg
               United-Kingdom




                                                                                                                                  Belgium*
                                                             Germany




                                                                                                                          Italy




                                                                                                                                                      Netherlands




                                                                                                                                                                                                                                                  Hungary
                                Denmark




                                                                                                                                                                                          Czech Republic
                                                                                                         EU-27




                                                                                                                                             Sweden
     Ireland




                                                                                                                                                                                                                    Romania
                                                                                                                 Spain*




                                                                                                                                                                               Portugal




                                                                                                                                                                                                                              Bulgary
                                          Greece


                                                   Austria




                                                                       France




                                                                                                                                                                    Slovenia




                                                                                                                                                                                                                                                                       Latvia
                                                                                                                                                                                                           Poland




                                                                                                                                                                                                                                        Estonia
                                                                                Finland




                                                                                                                                                                                                                                                            Slovakia




                                                                                                                                                                                                                                                                                Lithuania
                                                                                           Sources: central banks, Asterès                                                          *Asterès estimates


Page 8                                                                                    Consumer credit in Europe at end-2010
4.1 Consumer credit in Europe at end-2010

    Ratio of consumer loan outstandings to household consumption in 2010
                                                           At end-2010 the ratio of outstandings to total annual household consumption was 15.4% in the EU
                                                           compared with 16.4% a year earlier. The ratio increased sharply in Bulgaria and Slovakia. One of
                                                           the sharpest drops was seen in Ireland, down from 28.4% at end-2009 to 24.6% at end-2010.
                                                           In France, outstandings represented 13.2% of household consumption (compared with 12.6% at
                                                           end-2009), a ratio that is considerably lower than the European average.
            ,6%
         24
                       ,4%
                    22        ,7%
                           21                       ,5% ,0%
                                                 20    20

                                                                         ,4% ,2% 8%
                                                                      16    16     ,    ,4% 5 ,3%
                                                                                15   15    1         ,5% ,3%
                                                                                                  14    14      ,8% 3 ,2% ,9%
                                                                                                             13    1     12      ,3% 2 ,3%
                                                                                                                              12    1                                                                   ,9%
                                                                                                                                                                                                     10             ,3%
                                                                                                                                                                                                                 10         % 7%                        %
                                                                                                                                                                                                                        9, 8 9,                     9, 5          %
                                                                                                                                                                                                                                                              8, 5  8, 0
                                                                                                                                                                                                                                                                        %
                                                                                                                                                                                                                                                                                        %
                                                                                                                                                                                                                                                                                    6, 4            %
                                                                                                                                                                                                                                                                                                5, 1




                                                                                                                                                                                                                                                                                     Slovakia
                                                                                           Germany




                                                                                                                                                                                             Italy




                                                                                                                                                                                                                                Hungary
                                                  Greece




                                                                                Austria




                                                                                                        EU-27




                                                                                                                                                    Slovenia




                                                                                                                                                                                                                                                              Luxembourg

                                                                                                                                                                                                                                                                           Latvia
          Ireland




                                                                                                                Denmark




                                                                                                                                                                                                                  Netherlands
                     United-Kingdom




                                                                                                                                                                        Finland
                                      Bulgaria




                                                                       Poland




                                                                                                                                                               France
                                                            Romania




                                                                                                                                                                                  Portugal




                                                                                                                                                                                                                                          Estonia

                                                                                                                                                                                                                                                     Sweden




                                                                                                                                                                                                                                                                                                Lithuania
                                                                                                                          Spain*




                                                                                                                                                                                                      Belgium*
                                                                                                                                   Czech Republic




                                                                                          Sources: central banks, Asterès                                                                *Asterès estimates

Page 9                                                                                               Consumer credit in Europe at end-2010
4.2 Consumer credit in Europe at end-2010

    Trend in ratio of consumer loan outstandings to household consumption
    2009/2010
          European Union                                          United-Kingdom
                                                                  United-                                         Germany

                                                                   24,9%


           16,4%                                                                  22,4%
                                                                                                                16,1%          15,8%
                           15,4%




           2009              2010                                  2009             2010                        2009             2010


                  France                                                  Italy                                        Spain
                                                                                                                 17,3%




           13,3%                                                                                                                14,5%
                           13,2%                                   12,5%          12,3%




            2009              2010                                 2009             2010                         2009             2010

                                     Sources: central banks, Asterès                       *Asterès estimates

Page 10                                 Consumer credit in Europe at end-2010
Consumer credit in Europe at end-2010

    Crédit Agricole Consumer Finance
    the European leader in consumer credit

     With outstandings under management of €78.1 billion at end-2010, Crédit Agricole Consumer Finance is the European leader in consumer credit.
     Crédit Agricole Consumer Finance is present through its subsidiaries in 19 European countries (Germany, Austria, Belgium, Denmark, Spain,
     Finland, France, Greece, Hungary, Italy, Norway, Netherlands, Poland, Portugal, Czech Republic, UK, Slovakia, Sweden and Switzerland) and also
     in Saudi Arabia, Morocco and China.
     At end-2010, two-thirds of its outstandings under management came from international activities.
     Sofinco is a French brand of Crédit Agricole Consumer Finance.




Page 11                                          Consumer credit in Europe at end-2010
Consumer Credit in Europe at end-2010




          Contact :    Crédit Agricole Consumer Finance
                       D.P.C.I.
                       H.0.2. - rue du Bois Sauvage - 91038 Evry cedex
                       Tél. : + 33 (0)1 60 76 88 17
                       E-mail : presse@ca-cf.fr




                      All Crédit Agricole Consumer Finance ‘s studies are available from www.ca-consumerfinance.com,
                      Section Consumer Credit Overview




Page 12                                     Consumer credit in Europe at end-2010

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Consumer credit market in europe at end 2010

  • 1. Consumer Credit Overview Consumer credit in Europe at end-2010 June 2011 Page 1 Consumer credit in Europe at end-2010
  • 2. Consumer credit in Europe at end-2010 Summary (1/2) With €1,105 billion in loans outstanding at end-2010 (see page 4), the European Union accounts for nearly one quarter of the world consumer credit market. Outstandings remain unevenly distributed, with five countries (UK, Germany, France, Italy and Spain) representing 76% of total outstandings (but 63% of the EU population). The EU can be divided into three zones:  Northern Europe, with 56% of loan outstandings (and 41% of the EU population);  Southern Europe (including France), with 37% of outstandings (39% of EU population);  Eastern Europe, with 7% of outstandings (20% of EU population). The European consumer credit market continued to contract in 2010 (see page 6), with outstandings falling 2.8% between December 2009 and December 2010:  Northern Europe: -3.0% between 2009 and 2010  Southern Europe: -2.4% between 2009 and 2010  Eastern Europe: -3.9% between 2009 and 2010 The overall pattern conceals contrasting trends (pages 5 & 6):  Some markets reported a strong decrease in outstandings, including Ireland (-17%), Spain (-11%) and the UK (-6%).  In contrast, other markets have proved resilient, such as Slovakia (+9%) and Belgium (+2%). Page 2 Consumer credit in Europe at end-2010
  • 3. Consumer credit in Europe at end-2010 Summary (2/2) At end-2010, average outstandings per inhabitant (page 7) in the European Union totalled €2,220, down 3% on the 2009 total (€2,290). A decrease was observed in almost all European countries. Strong disparities exist within the EU, with outstandings per inhabitant ranging from €270 in Lithuania to nearly €4,500 in Ireland (although this figure contracted by a considerable 17% in 2010). The share of loan outstandings in total household debt is 17% in the EU. The ratio of outstandings to total annual household consumption (page 8) sheds light on the real share of credit in consumption. This indicator helps to eliminate the disparities resulting from differences in the standard of living from one country to the next. Outstandings at end-2010 account for 15.4% of total annual household consumption in EU27, compared with 16.4% in 2009. This metric supplies a structural assessment – looking beyond today’s crisis – of:  the maturity of certain countries: UK (22.4%), Bulgaria (21.7%) ;  the lower use of consumer credit in other countries: France (13.2%), Italy and Portugal (12.3%). The French consumer credit market occupies a particular place in EU27:  At end-2010, outstandings came to €151.7 billion, or 14% of the EU total.  It is the third-biggest EU market in terms of outstandings, far behind the UK (€249 billion) and Germany (€229 billion) but ahead of Italy and Spain.  The ratio of outstandings to total annual household consumption is 13.2% in France, compared with the 15.4% average for the EU.  Loan outstandings account for 17% of the total debt of French households, identical to the EU average. Page 3 Consumer credit in Europe at end-2010
  • 4. Consumer credit in Europe at end-2010 Methodology Source: The data for this study come from central banks and have been restated by the Asterès consulting firm to ensure consistency in the markets and products being compared. Due to the lack of definitive annual figures for several countries, certain data are based on estimates. These data concern all lenders, banks and specialised credit institutions. Data on products include bank overdraft facilities but exclude mortgage loans. To compare eurozone and non-eurozone countries, outstandings in the non-eurozone countries were converted on the basis of average 2010 exchange rates. Some figures on outstandings and changes therein may differ from those in previous editions of this study, for two reasons in particular:  revisions to the primary data provided by the central banks;  fluctuations in the exchange rates used to convert outstandings in foreign currencies into euros. This second reason is particularly important, inasmuch as the financial crisis caused some extremely sharp currency movements. For France, the data were updated on the basis of outstandings published by Banque de France, restated for estimated outstandings in Overseas Departments, for a total €151.7 billion at end-2010. For the fourth consecutive year, this consumer credit overview of the 27 countries in the European Union endeavours to measure: 1- The level of outstandings per country at end-2010 2- Annual trend reported since 2009 3- The level of loan outstandings per inhabitant 4- The economic weight of consumer credit We used two concepts to quantify consumer credit usage.  Production: the total amount of credit issued in one year; this figure represents a flow.  Outstandings: at a given point in time, the sum of the loans granted to individuals that still need to be repaid; this figure represents an inventory. Page 4 Consumer credit in Europe at end-2010
  • 5. 1 Consumer credit in Europe at end-2010 €1,105 billion in consumer credit outstanding at end-2010 Consumer loan outstandings for the 27 countries in the European Union came to €1,105 billion at end-2010. Outstandings were unevenly distributed: the top five markets in terms of outstandings (UK, Germany, France, Italy and 249 Spain) accounted for 76% of total outstandings (higher than in 2009). These five countries are home to 63% of the EU’s 229 population. The European market can be divided into three zones:  Northern Europe: with 56% of loan outstandings in the EU (41% of EU population)  Southern Europe: 37% of outstandings (39% of population) 152  Eastern Europe: 7% of outstandings (20% of population) 114 90,0 35,7 35,1 27,5 24,7 20,2 20,0 17,5 16,0 15,3 14,3 12,5 10,6 5,1 4,8 3,4 2,8 2,5 1,1 0,9 0,9 0,7 0,4 Hungary Italy Czech Republic Slovenia Malta Slovakia Latvia Cyprus Germany Lithuania Austria Ireland Sweden Finland Bulgaria Luxembourg France Greece Poland Spain* Portugal United-Kingdom Denmark Netherlands Estonia Romania Belgium* Sources: central banks, Asterès *Asterès estimates Page 5 Consumer credit in Europe at end-2010
  • 6. 2.1 Consumer credit in Europe at end-2010 Outstandings rose in 8 countries only Consumer loan outstandings fell 2.8% between December 2009 and December Country Change 2010. The macro-economic environment remained unfavourable generally, with 2009 / 2010 economic growth lacklustre in most Member States. Household consumption was curbed by the budgetary rigour policies introduced by a number of Slovakia 8.7% European countries in response to the sovereign debt crisis in Greece, Ireland Belgium* 2.0% and Spain. In addition, unemployment remains high (9.5% of the active population at the end of the year), denying some households access to credit. France 1.7% Netherlands 1.2% Of Europe’s top five markets in terms of outstandings, only France (+1.7%), Italy (+0.9%) and Germany (+0.5%) were resilient. Poland 1.1% With outstandings up 8.7%, Slovakia was a notable exception to the overall Italy 0.9% downward trend in the consumer credit market in Europe. Germany 0.5% Finland 0.4% Sources: central banks, Asterès *Asterès estimates Page 6 Consumer credit in Europe at end-2010
  • 7. 2.2 Consumer credit in Europe at end-2010 2.8% drop in outstandings in EU27  Ireland, beset by a serious banking and budgetary crisis, reported the biggest fall in consumer loan outstandings in the European Union (-17%) behind Cyprus (-29%). Southern Europe Northern Europe Eastern Europe  Concerning new Member States: - the decrease in outstandings was particularly marked in Romania (-12%), the Czech Republic (-10%) and the Baltic states. - these negative trends contrasted significantly with the positive performance of the markets in Poland (+1.1%) and Slovakia (+8.7%, the highest increase in the EU).  Outstandings were down 5.7% in the leading EU market, the UK. -2,4% -3,0% Changes are calculated on the basis of outstandings totals in local currency -3,9% Country Change Country Change 2009 / 2010 2009 / 2010 Bulgaria -4.3% UK -5.7% Austria -0.2% Denmark -8.4% Hungary -0.3% Latvia -10.0% Sweden -0.5% Lithuania -10.0% Luxembourg -0.8% Czech Republic -10.0% Malta -1.0% Estonia -10.2% Greece -2.5% Spain -10.7%* EU27 -2.8% Romania -11.8% Slovenia -2.9% Ireland -17.0% Portugal -3.0% Cyprus -28.9% Sources: central banks, Asterès *Asterès estimates Page 7 Consumer credit in Europe at end-2010
  • 8. 3 Consumer credit in Europe at end-2010 Consumer loan outstandings per inhabitant (in euros) At end-2010 average outstandings per inhabitant in the EU stood at €2,220, down 3.1% on 2009 (€2,290). The EU consumer credit market is characterised by strong disparities between countries, mainly owing to differing levels of economic development:  In Ireland, outstandings per inhabitant fell sharply (down 17% on 2009) but remained the highest in the EU at €4,470.  Differences remain considerable in the eurozone. Outstandings per inhabitant are relatively high in Germany, at €2,800, but much lower in Italy (€1,890) and Portugal (€1,340).  In most new Member States (joining since 2004) outstandings per head are under €1,000: Poland (€940), Romania (€710), Bulgaria (€640). Poland and Slovakia were the only two countries in Eastern Europe to observe a rise in outstandings per inhabitant in 2010. 4 471 3 998 3 174 3 138 2 949 2 801 2 410 2 333 2 272 2 222 1 956 1 893 1 865 1 715 1 658 1 388 1 341 1 014 938 712 636 508 525 455 399 271 Luxembourg United-Kingdom Belgium* Germany Italy Netherlands Hungary Denmark Czech Republic EU-27 Sweden Ireland Romania Spain* Portugal Bulgary Greece Austria France Slovenia Latvia Poland Estonia Finland Slovakia Lithuania Sources: central banks, Asterès *Asterès estimates Page 8 Consumer credit in Europe at end-2010
  • 9. 4.1 Consumer credit in Europe at end-2010 Ratio of consumer loan outstandings to household consumption in 2010 At end-2010 the ratio of outstandings to total annual household consumption was 15.4% in the EU compared with 16.4% a year earlier. The ratio increased sharply in Bulgaria and Slovakia. One of the sharpest drops was seen in Ireland, down from 28.4% at end-2009 to 24.6% at end-2010. In France, outstandings represented 13.2% of household consumption (compared with 12.6% at end-2009), a ratio that is considerably lower than the European average. ,6% 24 ,4% 22 ,7% 21 ,5% ,0% 20 20 ,4% ,2% 8% 16 16 , ,4% 5 ,3% 15 15 1 ,5% ,3% 14 14 ,8% 3 ,2% ,9% 13 1 12 ,3% 2 ,3% 12 1 ,9% 10 ,3% 10 % 7% % 9, 8 9, 9, 5 % 8, 5 8, 0 % % 6, 4 % 5, 1 Slovakia Germany Italy Hungary Greece Austria EU-27 Slovenia Luxembourg Latvia Ireland Denmark Netherlands United-Kingdom Finland Bulgaria Poland France Romania Portugal Estonia Sweden Lithuania Spain* Belgium* Czech Republic Sources: central banks, Asterès *Asterès estimates Page 9 Consumer credit in Europe at end-2010
  • 10. 4.2 Consumer credit in Europe at end-2010 Trend in ratio of consumer loan outstandings to household consumption 2009/2010 European Union United-Kingdom United- Germany 24,9% 16,4% 22,4% 16,1% 15,8% 15,4% 2009 2010 2009 2010 2009 2010 France Italy Spain 17,3% 13,3% 14,5% 13,2% 12,5% 12,3% 2009 2010 2009 2010 2009 2010 Sources: central banks, Asterès *Asterès estimates Page 10 Consumer credit in Europe at end-2010
  • 11. Consumer credit in Europe at end-2010 Crédit Agricole Consumer Finance the European leader in consumer credit With outstandings under management of €78.1 billion at end-2010, Crédit Agricole Consumer Finance is the European leader in consumer credit. Crédit Agricole Consumer Finance is present through its subsidiaries in 19 European countries (Germany, Austria, Belgium, Denmark, Spain, Finland, France, Greece, Hungary, Italy, Norway, Netherlands, Poland, Portugal, Czech Republic, UK, Slovakia, Sweden and Switzerland) and also in Saudi Arabia, Morocco and China. At end-2010, two-thirds of its outstandings under management came from international activities. Sofinco is a French brand of Crédit Agricole Consumer Finance. Page 11 Consumer credit in Europe at end-2010
  • 12. Consumer Credit in Europe at end-2010 Contact : Crédit Agricole Consumer Finance D.P.C.I. H.0.2. - rue du Bois Sauvage - 91038 Evry cedex Tél. : + 33 (0)1 60 76 88 17 E-mail : presse@ca-cf.fr All Crédit Agricole Consumer Finance ‘s studies are available from www.ca-consumerfinance.com, Section Consumer Credit Overview Page 12 Consumer credit in Europe at end-2010