Zurich, Switzerland (GenevaLunch) - Mortgage loans in Switzerland, 40 percent of which are new construction loans, rose by 4.6 percent in July. They had been falling but began to rise after Swiss interest rates moved lower starting in November 2008, says the Swiss National Bank (SNB). Mortgage loans constitute 80 percent of all loans.

Loans other than mortgage loans fell by 1.6 percent in July, however.

Forty percent of the 20 largest banks questioned quarterly by the SNB about their lending practices said they had slightly tightened credit conditions but the central bank says there is no evidence of a credit crunch, for businesses or private individuals. The market has good liquidity and under the circumstances, the bank says, it believes “it would not be appropriate for the public authorities to introduce new support measures in the credit market.”

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