The ECB survey on the supply and demand of credit from banks suggests that credit conditions change little vis-à-vis businesses and appear marginally less accommodating towards households; especially on real estate. In no case are the conditions binding.
At the macro level, the point of concern relates to the further slowdown in the demand for credit for investment. The graph shows a good consistency between this indicator and the non financial companies’ investment. The recent slowdown suggests that business investment will not be a source of growth for the area in 2020.
Note also that the data for the 2nd quarter of 2019 is somewhat biased by the Irish figure. Between the 1st and the 2nd quarter of 2019, the weight of investment in GDP increased from 27 to 60%. This skews the figure upwards. This seems to stem from the move of assets from Singapore to Ireland on the part of Microsoft. (see here)
The recent profile is therefore biased upwards.