After seizing up during the credit crunch, the market for short-term loans between banks is on the mend. The market for repurchase agreements in Europe grew by 15% in the six months to December, according to the International Capital Market Association.

Although an “important measure of banks’ confidence in lending to each other,” the rebound in repos has not been broad based, the ICMA notes. The recent rise has been driven by a “handful” of institutions, with “continued structural deleveraging” at the bulk of banks.