According to the BIS, international bank lending collapsed by over $6 trillion in the year to the end of March as the financial crisis restrained credit.
Lending contracted $1.5 trillion in Q-1 2009 at current exchange rates, or over 4%. The pace of decline did slow from the worst contraction for at least 30 years in the Q-4 2008, however, and much of the latest drop was due to currency moves.
