Analytics, Banks, EU – Baltic States, Financial Services

 The statistics are deemed a key indicator of the eurozone's economic health.

Borrowing is a main financing source for corporate investment, which in turn should boost the eurozone's currently fragile economy.

The ECB has launched a raft of policy measures to get credit flowing, most significantly a massive program to buy public sector bonds to pump liquidity into the system.

The ECB beefed up that program earlier this year and also launched a scheme of ultra-cheap loans to banks on condition they hand them on to households and businesses.

Growth in the overall money supply, known as M3, slowed slightly to 4.8% in July, down from the 5.0%  recorded in June, the ECB also said.

The ECB regards M3 money supply as a barometer for future inflation.

Analysts said the report could ease pressure on the ECB to take further action to boost the economy at its governing council meeting next month.

"The ECB will likely be pretty pleased with the July credit data, and it modestly dilutes the case for further stimulus at the 8 September policy meeting," Howard Archer of IHS Global Insight said.