TAILIEUCHUNG - SURVEY ON THE ACCESS TO FINANCE OF SMALL AND MEDIUM-SIZED ENTERPRISES IN THE EURO AREA

On the one hand, as we enter the earning stage of our lives, our human capital is often at its highest point. On the other hand, our financial wealth is usually at a low point. This is the time when we began to convert our human capital into financial capital by earning wages and saving some of these wages. Thus, we call this stage of our lives the “accumulation stage.” As our lives progress, we gradually use up the earning power of our human capital, but ideally, we are continually saving some of these earnings and investing them in the financial markets. As our savings continue and. | EUROPEAN CENTRAL BANK EUROSYSTEM In 2012 all ECB publications feature a motif taken from the 50 banknote SURVEY ON THE ACCESS TO FINANCE OF SMALL AND MEDIUM-SIZED ENTERPRISES IN THE EURO AREA OCTOBER 2011 TO MARCH 2012 APRIL 2012 European Central Bank 2012 Address Kaiserstrasse 29 60311 Frankfurt am Main Germany Postal address Postfach 16 03 19 60066 Frankfurt am Main Germany Telephone 49 69 1344 0 Internet http www. Fax 49 69 1344 6000 All rights reserved. Reproduction for educational and non-commercial purposes is permitted provided that the source is acknowledged. ISSN 1831-9998 online This report presents the main features of the results of the sixth round of the survey on the access to finance of small and medium-sized enterprises in the euro area SAFE conducted between 29 February and 29 March 2012 on behalf of the European Central Bank ECB . The total sample size for the euro area was 7 511 firms of which 6 969 93 had less than 250 The report provides evidence mainly on the change in the financial situation financing needs and access to external financing of small and medium-sized enterprises SMEs in the euro area compared with large firms during the preceding six months . the period from October 2011 to March In addition it provides an overview of developments in SME access to finance across euro area countries. 1 THE FINANCIAL SITUATION OF EURO AREA SMES In the period from October 2011 to March 2012 H2 2011 which was characterised by a weakening of economic activity in the euro area a net3 2 of euro area SMEs reported a contraction in turnover. This was mainly driven by SMEs in the construction sector where a net 17 reported a decrease in turnover only partially offset by SMEs in the industry sector where on balance 10 reported an increase in turnover. In addition the turnover contraction occurred particularly in the segment of older firms 10 years and older while younger SMEs continued to report on balance an increase .

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