Eurozone borrowing by business grew at a record rate last month in the clearest indication yet that the 15-country region has avoided a credit crunch, despite global financial turmoil.

Lending to non-financial corporations increased at an annual rate of 14.6 per cent in January – the fastest since the launch of the euro in 1999, according to European Central Bank figures. In December, lending had increased by 14.5 per cent.