Figures from the European Central Bank show that euro zone bank lending to the private sector contracted again in November.
Lending shrank by 0.7%, the third month running it has been in negative territory. It contracted by 0.8% in October and by 0.3% in September.
The euro zone economy crawled out of recession in the third quarter, and economists have warned that businesses trying to rebound may be hampered by banks placing stricter conditions on extending credit.
The ECB's M3 money supply indicator, which measures cash, deposits and various other financial items, fell by 0.2%, the first time on record it has posted a negative figure. M3 had expanded by 0.3% in October and analysts had forecast another increase. Lending and money supply data illustrate consumer demand and overall activity in an economy.
Falling figures point to lower demand, which normally means inflation will ease and allow the ECB to cut interest rates. But rates are already at a record low of 1% and are not expected to be cut further.
