Eurozone borrowing by business grew at a fresh record rate in January, adding to the evidence that the 15-country region is avoiding any credit crunch in the wake of global financial turmoil.

Lending to non-financial corporations increased at an annual rate of 14.6 per cent last month – the fastest since the launch of the euro in 1999, according to European Central Bank figures. That compared with a rate of 14.5 per cent in December.