Increased financing from other banks and bond market investors largely compensated for the cuts made by European banks in the final quarter of 2011. As a result, the overall volume of new syndicated and large bilateral loans was essentially the same as in the third quarter. In trade finance, for example, a strong balance of Asia-based lenders reported increased demand (Graph 6, right-hand panel) and these and other non-European lenders ensured that financing of trade did not fall overall. More generally, types of lending mostly denominated in dollars were quite steady in aggregate, even though contributions from European.
